Gold in today’s Asian session surged to a peak of $4,141 before being pushed back by sell pressure from above. It then pulled back to around $4,109. After the European session opened, the price of gold traded in a 4,120—4,110 range, with technical adjustments and repairs underway.

Although gold’s early-session uptrend was strong today, it did not extend into the European session, indicating that the subsequent bullish momentum is insufficient. Going forward, it is not ruled out that after gold meets resistance near 4,140, a large pullback and corrective adjustment could form. For tonight’s trading, watch resistance in the 4,130—4,040 range.

If tonight fails to effectively break above the current short-term 4,140 high, then near the 4,130—4,140 range you can decisively open a short position for a downward move, with a stop-loss above 4,150 and a take-profit target of 4,100! $XAUUSD