Jan 21,2025 Gold Idea

Trading Strategyhttps://www.tradingview.com/chart/0rMKUP7J/

January 21, 2025
Gold held its ground above 2703–2706 USD/oz yesterday, leading to a breakout at 2711–2712 USD/oz during the Asian session. This bullish signal suggests favoring Buy trades for today.
Key Levels
Support Levels:
2711–2712 USD/oz
2703–2704 USD/oz
Resistance Levels:
2733–2735 USD/oz

1. Buying Opportunities (Bullish Continuation):
Enter Buy positions if the price stays above 2711–2712 USD/oz.
Initial target: 2733–2735 USD/oz
Extended target: 2749–2750 USD/oz
Place a Stop Loss below 2708 USD/oz.
2. Pullback to Support Levels:
If the price retraces to 2703–2704 USD/oz, look for a strong rebound to enter Buy positions.
Target: 2711–2712 USD/oz and beyond.
Set a Stop Loss below 2700 USD/oz.
3. Breakout Above Resistance:
If the price breaks above 2735 USD/oz with strong momentum, consider additional Buy positions.
Target: 2749–2750 USD/oz.
Place a Stop Loss below 2730 USD/oz.