GOLD:Seizing Rebound Opportunities in Range-Bound Movement

In response to the positive Employment Cost Index q/q release in the United States, gold prices underwent a downward shift, with the market now approaching a significant demand area situated towards the lower end of the Range zone. This area of interest coincides closely with the 200-day moving average, further highlighting its potential significance.

As market observers, we are currently exploring the prospect of establishing a scalping position. Our strategy entails leveraging the anticipated rebound from this noted demand zone, with the aim of capitalizing on potential bullish momentum that could drive prices towards the upper boundary of the rectangle pattern. This approach aligns with our outlook for short-term price action, with careful attention paid to key support and resistance levels within the identified trading range.

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