7/1 Gold Analysis and PMI Data Trading StrategyGood afternoon, everyone!
Gold has now entered a resistance zone, and on the 30-minute chart, a technical correction appears likely. This correction typically takes one of two forms:
A direct pullback from current levels;
A minor upward push before the pullback, intensifying the need for correction.
In most cases, the second scenario doesn’t result in a large move—unless it’s accompanied by strong news. Given this setup, today’s trading idea is to:
Start with a small short position near current resistance;
Add to the position if price pushes slightly higher, and patiently wait for a pullback. This strategy has shown over 80% historical success rate.
Key support levels to watch:
If the price rises before pulling back: 3321–3316
If the price drops directly: 3313–3306
On the 4-hour chart, the rebound is not yet complete, so if the pullback finds solid support, there’s still room for buy-side setups in line with the short-term trend.
⚠️ Important: U.S. PMI data will be released during the New York session. Strategy depends on pre-release price positioning:
If price remains below 3312, and the data is bullish → look for long setups.
If price is above 3323, wait for a post-data rally to sell into.
If the data is bearish → consider selling immediately.
Stay flexible, manage your positions wisely, and trade with discipline ahead of the U.S. session.
