Gold opened this week and immediately kicked off an upward move. As a dense batch of economic data is released one after another, market participants generally expect gold prices to rise further.

In the short term, the rebound momentum is likely to continue. In terms of trading, it is preferable to “buy dips and sell rips” as the primary approach, with light position-taking on pullbacks at higher levels as a secondary supplement.

Current gold prices are trading with a slight range around 4180. The key support to watch below is the 4150-4160 area; if the pullback deepens, you should focus on the 4120-4130 zone. Initial resistance above sits at 4220-4230; once there is an effective breakout, the next target will be the 4260-4280 range.
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