Gold is about to approach the top suppression position, so be ca
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Today, Monday, gold continued its upward trend from last Friday, and the highest so far is around 3370.
Last Thursday, it once reached a low of 3309, and then rebounded sharply, entering the upper suppression area again.
First of all, from the current perspective of the US dollar:
The US dollar is currently in a retracement, and the rise of gold is understandable.
The US dollar has not yet stepped back to the right level, at least it has to step back to around 98.0.
And it has to stabilize at the support near 98.0, so the US dollar may stretch again in the future.
Once it stretches from 98.0 again, the highest can reach above 99.0.
If the US dollar can stabilize above 98.0, then gold should also reach its peak by then.
To be honest, gold is still a little short of the mark at the moment.
3370 is not the top position. It would be best if it could reach a new high, break through around 3380, and then come down again, then the top can be determined.
From the current 4-hour gold chart, we can also see that the top suppression position has not been touched.
Therefore, we still cannot act rashly and cannot chase too much.
It is best to wait for the US market to reach around 3380 to form a top structure.
Combined with the situation of the US dollar, short gold, if gold falls again, at least go back to test 3330-40.
If the US dollar is stronger and can stand above 99.0, it is also possible for gold to directly fall below the 4-hour chart trend line support.
Today, Monday, gold continued its upward trend from last Friday, and the highest so far is around 3370.
Last Thursday, it once reached a low of 3309, and then rebounded sharply, entering the upper suppression area again.
First of all, from the current perspective of the US dollar:
The US dollar is currently in a retracement, and the rise of gold is understandable.
The US dollar has not yet stepped back to the right level, at least it has to step back to around 98.0.
And it has to stabilize at the support near 98.0, so the US dollar may stretch again in the future.
Once it stretches from 98.0 again, the highest can reach above 99.0.
If the US dollar can stabilize above 98.0, then gold should also reach its peak by then.
To be honest, gold is still a little short of the mark at the moment.
3370 is not the top position. It would be best if it could reach a new high, break through around 3380, and then come down again, then the top can be determined.
From the current 4-hour gold chart, we can also see that the top suppression position has not been touched.
Therefore, we still cannot act rashly and cannot chase too much.
It is best to wait for the US market to reach around 3380 to form a top structure.
Combined with the situation of the US dollar, short gold, if gold falls again, at least go back to test 3330-40.
If the US dollar is stronger and can stand above 99.0, it is also possible for gold to directly fall below the 4-hour chart trend line support.
Trade active
Gold breaks through 3380Trade closed: target reached
Gold started to fall back
Hey, everyone. I'm Yulia, a girl from Russia working as an analyst in New York, USA. I've been doing this job for 13 years. I have professional financial knowledge. I hope you like me.
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Hey, everyone. I'm Yulia, a girl from Russia working as an analyst in New York, USA. I've been doing this job for 13 years. I have professional financial knowledge. I hope you like me.
Related publications
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.