#XAUUSD
Although the price of gold was too high last night due to the rise in risk aversion, the upward momentum weakened significantly in the evening, and it fluctuated sideways at a high level. Gold is currently consolidating within a triangle pattern, with a short-term price increase reaching the triangle's boundary. A break above 3385 could lead to significant intraday gains. Meanwhile, the downside is defending short-term support at 3365. As long as this support level remains intact, the bullish trend remains intact. If the European session gives an opportunity to fall back to the 3375-3365 support area without breaking, you can consider going long and look at 3395-3405, and if it breaks, look at 3415.
Although the price of gold was too high last night due to the rise in risk aversion, the upward momentum weakened significantly in the evening, and it fluctuated sideways at a high level. Gold is currently consolidating within a triangle pattern, with a short-term price increase reaching the triangle's boundary. A break above 3385 could lead to significant intraday gains. Meanwhile, the downside is defending short-term support at 3365. As long as this support level remains intact, the bullish trend remains intact. If the European session gives an opportunity to fall back to the 3375-3365 support area without breaking, you can consider going long and look at 3395-3405, and if it breaks, look at 3415.
Trade active
I secured another gold long position today. As expected, the European session saw a low near 3371. I provided a trading strategy to core members to buy near 3373, with a target of 3385. This strategy once again demonstrated my accurate grasp of gold's trend, resulting in substantial profits. Congratulations to all traders who referenced and executed this strategy. The initial jobless claims data in the NY period is positive, and gold still has room to rise. You can choose the appropriate point to reduce your position or take profit and exit based on your trading account details.Trade closed: target reached
Currently, gold has shown signs of breaking through the triangle boundary of 3385. Combined with the news data that is bullish for gold, the short-term upward trend of gold may continue. Judging from the current trend, gold still has upside potential in the short term. Those with ample funds in the group account may consider pursuing a light position in gold near 3385, while keeping an eye on a breakout above the 3395-3405 level. If it successfully breaks through and stabilizes above this level, it may reach 3415 as expected this morning.Note
Those who follow long positions with a light position below the pullback can choose a suitable stop-profit point based on their account's risk tolerance. If they want to continue holding positions, they can set the SL at 3390 to avoid profit-taking caused by a pullback.Note
As expected, gold retreated again in a volatile situation. We set SL at 3390 and successfully protected our trading profits.
CFA® Charterholder | Senior Market Trading Analyst | Helping millions of users double their account funds
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Free Telegram group:t.me/Insight_Precise_Analysis
Free consultation with tutors:t.me/Insight_PreciseAnalysis
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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.
CFA® Charterholder | Senior Market Trading Analyst | Helping millions of users double their account funds
Free Telegram group:t.me/Insight_Precise_Analysis
Free consultation with tutors:t.me/Insight_PreciseAnalysis
Free Telegram group:t.me/Insight_Precise_Analysis
Free consultation with tutors:t.me/Insight_PreciseAnalysis
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.