Today's Gold Price: (3280-3290) Be Cautious About Bottom-fishing
Today's gold price volatility was another lethargic day.
It oscillated back and forth between 3300 and 3330.
Like a loom, it was a lethargic experience.
In fact:
This market trend is typical of gold's volatility.
It suggests that significant news will be released today.
Buyers are reluctant to buy in large quantities.
Shorts are reluctant to sell in large quantities.
Everyone is waiting and watching.
Once news and market sentiment emerge, we will choose a new direction.
As shown on the 4-hour chart,
the area around 3330 has become a strong resistance zone.
The area around 3300 has become a temporary resistance zone.
The area around 3280 has become a strong support zone.
However, it is worth noting that when this ascending triangle descends, trading volume increases, indicating active selling.
Gold prices are rising, but trading volume is shrinking.
This clearly shows that the funds driving gold prices are not currently active enough.
This suggests that the current bullish momentum has yet to fully develop.
Bulls remain weak and wary of bears.
As a result, everyone awaits today's release of a small amount of non-farm payroll data and the Federal Reserve's interest rate decision.
I expect the Fed to adopt a more dovish stance this time, meaning that while they won't cut rates immediately, they will hint at a rate cut later this year.
Gold prices are likely to continue to fluctuate widely.
Trading Strategy:
Support: $3,280/$3,290
Resistance: $3,330/$3,300
Aggressive Strategy:
Sell Price: $3,295-$3,300
Stop Loss: $3,305
Target Price: $3,280-$3,280
Conservative Strategy:
Sell Price: $3,320-$3,330
Stop Loss: $3,335
Target Price: $3,300-$3,280
Bottom Picking Strategy: (Cautious)
Buy Price: $3,280-$3,290
Stop Loss: $3,275
Target Price: $3,330/$3,350
Today's gold price volatility was another lethargic day.
It oscillated back and forth between 3300 and 3330.
Like a loom, it was a lethargic experience.
In fact:
This market trend is typical of gold's volatility.
It suggests that significant news will be released today.
Buyers are reluctant to buy in large quantities.
Shorts are reluctant to sell in large quantities.
Everyone is waiting and watching.
Once news and market sentiment emerge, we will choose a new direction.
As shown on the 4-hour chart,
the area around 3330 has become a strong resistance zone.
The area around 3300 has become a temporary resistance zone.
The area around 3280 has become a strong support zone.
However, it is worth noting that when this ascending triangle descends, trading volume increases, indicating active selling.
Gold prices are rising, but trading volume is shrinking.
This clearly shows that the funds driving gold prices are not currently active enough.
This suggests that the current bullish momentum has yet to fully develop.
Bulls remain weak and wary of bears.
As a result, everyone awaits today's release of a small amount of non-farm payroll data and the Federal Reserve's interest rate decision.
I expect the Fed to adopt a more dovish stance this time, meaning that while they won't cut rates immediately, they will hint at a rate cut later this year.
Gold prices are likely to continue to fluctuate widely.
Trading Strategy:
Support: $3,280/$3,290
Resistance: $3,330/$3,300
Aggressive Strategy:
Sell Price: $3,295-$3,300
Stop Loss: $3,305
Target Price: $3,280-$3,280
Conservative Strategy:
Sell Price: $3,320-$3,330
Stop Loss: $3,335
Target Price: $3,300-$3,280
Bottom Picking Strategy: (Cautious)
Buy Price: $3,280-$3,290
Stop Loss: $3,275
Target Price: $3,330/$3,350
Free Signals：t.me/+VDHHxoHZg5liZDg0
The best gold trading team
Several senior traders jointly build a trading system
The best gold trading team
Several senior traders jointly build a trading system
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.
Free Signals：t.me/+VDHHxoHZg5liZDg0
The best gold trading team
Several senior traders jointly build a trading system
The best gold trading team
Several senior traders jointly build a trading system
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.