Gold is looking volatile this week, with prices hovering around $4065.01. Here’s a potential trade idea:
Bearish Scenario:
– Short Gold if it breaks below $4030-$4050 support, targeting $4000-$3970.
– Stop-loss above $4110-$4120 resistance.
Bullish Scenario:
– Long Gold if it breaks above $4110-$4120 resistance, targeting $4140-$4150.
– Stop-loss below $4030-$4050 support.
Keep in mind that gold is influenced by factors like:
– US Fed Policy: Interest rates and economic data
– Dollar Strength: A stronger dollar makes gold more expensive for holders of other currencies
– Global Economic Indicators: GDP, inflation, and employment data
Some experts predict gold will remain volatile, with a range of $1,20,000-$1,24,000 (INR). Others expect a decline toward $3,645 or a rebound to $4,280
