Jan20, 2025 Gold trade idea

January 20, 2025
The market may experience continued selling pressure from last Friday’s momentum. Traders should remain cautious and adapt strategies based on key support levels.

Key Levels for Today
Support Levels:
2688–2690 USD/oz
2678–2676 USD/oz
Resistance Levels:
2711-2708 USD/oz
2725-2726 USD/oz
Trading Strategy
1. If price holds above 2688–2690 (Buy Opportunity):
Enter Buy positions if the price rebounds from 2688–2690 USD/oz.
Target resistance at 2705–2708 USD/oz.
Place a Stop Loss below 2685 USD/oz.
2. If price breaks below 2701-2703 (Follow Sell):
Enter Sell positions when the price falls below 2701 USD/oz.
Target profit at 2678–2676 USD/oz.
Place a Stop Loss above 2710 USD/oz.

Risk Management: Always set a proper Stop Loss and avoid over-leveraging.
Market Sentiment: Monitor USD Index and other factors that could influence gold prices.
Stay disciplined, and trade safely. Good luck! 🚀https://www.tradingview.com/chart/0rMKUP7J/