Gold has rebounded from the low near 4505 and rallied all the way up to around 4588. It is currently trading in a strong consolidation near 4582. In the short term, bullish sentiment continues to heat up, and overall upside momentum remains sufficient. However, the risk of chasing longs at higher levels is amplified. Selling pressure in the 4590-4600 range is still present, so the main focus for the day is to buy on pullbacks at lower levels, while being cautious about chasing higher prices near the top.



Trading suggestions:
Buy long on pullbacks in the 4570-4550 range. The first target is 4600. If it breaks out, continue to look for 4630-4660$XAUT
XAUT2.21%
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