Gold Daily Video, September 04, 2024

[Sive Morten]

Good morning,

Gold is coming to very important 2470$ support area. We consider it as indicator of the next move and as a background for possible scalp long trade:

 

[Brett Reynolds]

I took sell yesterday at $2505 and took some profits at $2480 in the evening. We had another drop overnight from $2493 and i took the rest at $2475 this morning. I will look for further Sells today/tomorrow as long as market holds 'below' $2495 on 4hr closing basis.! The 30 min, 15 min and even 5 min chart respects the 38.2 and 61.8%...consistently..
Ps. The $2495 area was the 61.8 retracement from yesterdays high at $2505...Right.! (Well $2493 to be exact)

 

[Brett Reynolds]

Market has erased the short set ups for now. $2495 did not hold as resistance overnight and i did not take any sell. But.. is now overbought on 4hr chart..and Gold has a Habit of 'Giving back it's gains in the afternoon seshion! I would not be surprised to see a move back to $2505 later today and then going into Friday and NFP all bets are off..!?