Spot gold fluctuates at high levels during the Asian session and is currently trading around $3,330.
I think spot gold is expected to fall below the immediate support level of $3,330 per ounce and fall towards $3,284.
Completion occurs near the key resistance level of $3,366, which is reinforced by similar resistance established by the descending trend line. Working together with these obstacles is another obstacle, namely $3,355, which is the retracement level of the downtrend from $3,501 to $3,120.
The bearish divergence of the hourly RSI confirms that the rally has been exhausted and a sharp correction is imminent.
Based on the changes in the Asian market today, an analysis was conducted. I hope my analysis can help you turn losses into profits in the trading market.
Operation strategy:
Short at $3,340, stop loss at $3,355, and profit range of $3,310-3,300.
I think spot gold is expected to fall below the immediate support level of $3,330 per ounce and fall towards $3,284.
Completion occurs near the key resistance level of $3,366, which is reinforced by similar resistance established by the descending trend line. Working together with these obstacles is another obstacle, namely $3,355, which is the retracement level of the downtrend from $3,501 to $3,120.
The bearish divergence of the hourly RSI confirms that the rally has been exhausted and a sharp correction is imminent.
Based on the changes in the Asian market today, an analysis was conducted. I hope my analysis can help you turn losses into profits in the trading market.
Operation strategy:
Short at $3,340, stop loss at $3,355, and profit range of $3,310-3,300.
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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.