Last week, gold prices fluctuated upward, but Monday's sharp drop wiped out all the gains, sparking market concerns about further downside. Subsequently, Tuesday and Wednesday saw a fluctuating rise, with small gains closing in on the day. The rebound was relatively limited, failing to form a valid reversal signal, and can be seen as a correction of Monday's decline. Thursday's breakout and subsequent decline became a key turning point, with the daily candlestick chart directly swallowing up the gains from Tuesday and Wednesday. In technical analysis, this pattern often signals the end of the previous rebound and the re-establishment of market control by bears.
In terms of indicators, the 5-day moving average is extending downward, signaling a short-term downward trend and a suppressive effect on prices. Meanwhile, the 10-day moving average is also showing signs of downward movement, suggesting a gradual divergence in the medium-term trend toward the bears, with the moving average system showing a bearish alignment.
On the final trading day of this week, upward pressure will focus on the 3350 level, followed by the 3360 level, the high point where Thursday's European session rebound was stalled and the decline continued. Focus on support around 3320-3310 below.
Trading strategy:
Short around 3355, stop loss at 3365, profit range 3330-3320-3300
Long around 3315, stop loss at 3300, profit range 3330-3350.
In terms of indicators, the 5-day moving average is extending downward, signaling a short-term downward trend and a suppressive effect on prices. Meanwhile, the 10-day moving average is also showing signs of downward movement, suggesting a gradual divergence in the medium-term trend toward the bears, with the moving average system showing a bearish alignment.
On the final trading day of this week, upward pressure will focus on the 3350 level, followed by the 3360 level, the high point where Thursday's European session rebound was stalled and the decline continued. Focus on support around 3320-3310 below.
Trading strategy:
Short around 3355, stop loss at 3365, profit range 3330-3320-3300
Long around 3315, stop loss at 3300, profit range 3330-3350.
With accurate market analysis and precise trading signals, I will lead my team to achieve geometrically multiplied profits in the gold market.
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.
With accurate market analysis and precise trading signals, I will lead my team to achieve geometrically multiplied profits in the gold market.
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.