On January 19, the weekly review perspective indicated that gold was currently in a bullish correction phase. Following the rebound from the lows late Friday, it was highly probable that prices would rise early this week. Once gold stabilized above 4624, the uptrend was expected to continue, driving toward a new historical high.
Gold opened higher with a gap in early trading today, extending gains after stabilizing above 4424. It broke through the previous historical high of 4642 and continued its upward momentum. Our bullish outlook has been clear and consistent—maintaining a strong, trend-following long position without hesitation. Moving forward, focus will first be on the 4642 level, which, after breaking the prior record high, now serves as a reverse support zone. Traders should look to enter long positions near this converted support level on any dips.
The rebound from Friday’s late-session lows, combined with today’s gap-up opening and breakout above the historical high, signals a strong near-term bullish trend. Any pullback should be viewed as an opportunity to add long positions—this has been emphasized repeatedly. Whether the market experiences a pullback after rising or continues climbing directly, the core strategy remains unchanged: maintain long exposure and anticipate further new highs.
In terms of intraday entry levels, with gold rising directly at the open, another long position may be considered in the afternoon session. There is little expectation that prices will retrace to fill today’s gap. Two key levels can be monitored: one is near the converted support at 4642 for long entries. The current hourly chart shows a retracement low around 4653, which can serve as both a defensive and entry point for long positions. Given the strong one-way momentum, any decline is likely to be limited. If prices consolidate firmly above the hourly correction low, traders may consider entering long with a short-term target of around 30 dollars. Note that today is Martin Luther King Jr. Day, with U.S. markets closed—only intraday long positions are advised. If European trading closes strongly higher, further gains can be expected at tomorrow’s open.
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