On Thursday, the US dollar rebounded after three consecutive days of decline and once returned to above the 100 mark, but failed to stand firm here. It is still maintaining at the 100 mark for consolidation. Due to the strengthening of the US dollar, gold began to retreat after hitting a high of 3345 yesterday, and once lost the 3300 US dollar mark, with the lowest reaching around 3280.
First of all, from the current 4-hour chart of gold:
In the Asian session, the lowest gold touched around 3290, and then rebounded. As of now, the highest reached around 3330. At present, 3310 should be a relatively important support position for gold. If it can be maintained above 3310, then gold may continue to rise. It can also be seen from the figure that once it continues to rise, 3345 is likely to be refreshed, and the highest should be around 3360.
From the 1-hour chart:
3280-3330 range, around 3310 is exactly the current 618 position. Therefore, if gold cannot pull back below 3310 again, it is highly likely that it will continue to reach a new high.
Secondly, as time goes by, the early low of 3290 can no longer be touched, and the current support is already near 3300. That is to say, it cannot fall below 3300 again. Once it falls below 3300, gold will refresh the low of 3280 and continue to fall.
Operation strategy:
If it can retreat to 3310 and stabilize, then we will go long at 3310.
On the contrary, if it falls below 3310, then we will focus on 3300. Once it falls below 3300, the trend will go down.
Then you can short at 3290-3300, and the profit range is around the early intensive trading area of 3260-3250.
First of all, from the current 4-hour chart of gold:
In the Asian session, the lowest gold touched around 3290, and then rebounded. As of now, the highest reached around 3330. At present, 3310 should be a relatively important support position for gold. If it can be maintained above 3310, then gold may continue to rise. It can also be seen from the figure that once it continues to rise, 3345 is likely to be refreshed, and the highest should be around 3360.
From the 1-hour chart:
3280-3330 range, around 3310 is exactly the current 618 position. Therefore, if gold cannot pull back below 3310 again, it is highly likely that it will continue to reach a new high.
Secondly, as time goes by, the early low of 3290 can no longer be touched, and the current support is already near 3300. That is to say, it cannot fall below 3300 again. Once it falls below 3300, gold will refresh the low of 3280 and continue to fall.
Operation strategy:
If it can retreat to 3310 and stabilize, then we will go long at 3310.
On the contrary, if it falls below 3310, then we will focus on 3300. Once it falls below 3300, the trend will go down.
Then you can short at 3290-3300, and the profit range is around the early intensive trading area of 3260-3250.
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.
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.