There is no doubt that as long as gold is above 3350, the current gold market will maintain a strong bullish structure. After today's sideways trading, gold has clearly established a support platform in the 3370-3360 area. Although it has repeatedly fallen back under pressure in the 3380-3390 area, it has rarely fallen below the short-term support platform of 3370-3360. In addition, the candlestick charts have repeatedly shown long lower shadows, proving that the buying momentum is strong and the market bullish enthusiasm is high! Therefore, in short-term trading, we can try to go long on gold based on the 3370-3360 support level.
However, it's important to note that gold has repeatedly come under pressure at the 3380-3390 resistance level. If gold consistently fails to break through this resistance level during its upward trend, bullish sentiment could be affected. Therefore, gold may need to retest support before any further gains. If it falls below the 3370-3360 level during this retest, it could extend to the 3355-3350 level, which is strong support in the short term. Therefore, if gold falls below the 3370-3360 level, it could retest the 3355-3350 level, prompting bulls to launch a counterattack.
Therefore, in the short term, given that gold maintains a bullish structure, I would primarily consider going long on gold.
1. Consider initiating a long position in gold in the 3370-3360 area; first, see if gold can break through the 3380-3390 area as expected.
2. If gold retests the support area, consider resuming a long position in the 3355-3350 area.
However, it's important to note that gold has repeatedly come under pressure at the 3380-3390 resistance level. If gold consistently fails to break through this resistance level during its upward trend, bullish sentiment could be affected. Therefore, gold may need to retest support before any further gains. If it falls below the 3370-3360 level during this retest, it could extend to the 3355-3350 level, which is strong support in the short term. Therefore, if gold falls below the 3370-3360 level, it could retest the 3355-3350 level, prompting bulls to launch a counterattack.
Therefore, in the short term, given that gold maintains a bullish structure, I would primarily consider going long on gold.
1. Consider initiating a long position in gold in the 3370-3360 area; first, see if gold can break through the 3380-3390 area as expected.
2. If gold retests the support area, consider resuming a long position in the 3355-3350 area.
Trade active
Gold has reached a high of around 3394, and is only a step away from 3400. Did you follow my trading strategy and go long on gold in the 3370-3360 area? If you followed my trading strategy and went long on gold in this area, first of all, congratulations on your good profit. Now you need to pay attention to locking in the profit and closing the position manually in time. After all, there is still considerable resistance at 3400.
Rigorous trading, scientific investment, and compound profits! Get free trading strategies in the Telegram group: t.me/Steffen_S68
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Rigorous trading, scientific investment, and compound profits! Get free trading strategies in the Telegram group: t.me/Steffen_S68
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.