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Market Overview:

Gold prices have experienced a minor decline following a new record high achieved in the previous trading session. This decrease is likely linked to the recent sell-off in the U.S. stock market and a rebound in the Japanese Yen (JPY). However, gold prices showed some recovery towards the end of the session.

Today, with no major U.S. economic data scheduled, gold is expected to trade within a broad range, maintaining an overall upward trend. Investors are keeping a close eye on ongoing tensions in the Middle East, which could impact market sentiment.

Trading Strategy:

  • Buy Levels: Consider buying gold with target levels at $2,520 – $2,522, $2,525 – $2,527, and $2,530 – $2,532.
  • Post-Target Action: Once these targets are achieved, look to sell on any pullbacks with a profit-taking range of 5 – 10 points.

European Session Outlook:

  • If gold remains above $2,510 – $2,511 or around $2,515 – $2,517 at the start of the European session, the Buy strategy remains effective.
  • If prices drop below $2,510 – $2,512, reevaluate the Buy strategy.
  • During the mid-European session, if gold rises but fails to break through $2,530 – $2,532, consider exiting Buy positions and look for early Sell opportunities with a target range of 5 – 10 points.

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