Gold opened slightly higher in the Asian morning on Monday and then rose. It basically maintained a slow and volatile rise throughout the day. It rose to around 3383 before the close, and the daily line closed with a big positive line.
The current 5-day moving average and the 10-day moving average form a golden cross and extend upward. This signal indicates that the short-term trend is strong. In the short term, we need to focus on the moving average support. The 5/10-day moving average support is in the 3330-3325 area. As long as the price remains above this area, it can be treated as strong. The upper resistance level needs to pay attention to the previous secondary high point of 3438.
In terms of points, the lower support level first looks at around 3360, which is the previous high point of the short-term. After breaking through, we need to pay attention to the top and bottom conversion. The second is the 3330-3325 area support. Pay attention to the top and bottom conversion. If the price falls back strongly, we need to pay attention to the 3300 mark support. This is the current support area of the trend line formed by the low point connection of gold since the rise of 3120.
The upper resistance level is around 3410, followed by the resistance in the 3448-3458 area. This area is the current resistance area of the rising channel formed by the high point since the rise from 3120.
Operation strategy:
Short at current price, stop loss at 3390, profit range 3360-3340;
Long at price drop to around 3340, stop loss 3325, profit range 3345-3360.
The current 5-day moving average and the 10-day moving average form a golden cross and extend upward. This signal indicates that the short-term trend is strong. In the short term, we need to focus on the moving average support. The 5/10-day moving average support is in the 3330-3325 area. As long as the price remains above this area, it can be treated as strong. The upper resistance level needs to pay attention to the previous secondary high point of 3438.
In terms of points, the lower support level first looks at around 3360, which is the previous high point of the short-term. After breaking through, we need to pay attention to the top and bottom conversion. The second is the 3330-3325 area support. Pay attention to the top and bottom conversion. If the price falls back strongly, we need to pay attention to the 3300 mark support. This is the current support area of the trend line formed by the low point connection of gold since the rise of 3120.
The upper resistance level is around 3410, followed by the resistance in the 3448-3458 area. This area is the current resistance area of the rising channel formed by the high point since the rise from 3120.
Operation strategy:
Short at current price, stop loss at 3390, profit range 3360-3340;
Long at price drop to around 3340, stop loss 3325, profit range 3345-3360.
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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.
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.