Gold hit a low near 3326 in early Asian trading. Despite repeated downward pressure to build upward momentum, it hasn't broken through. Bullish attacks have been fruitless, and the pressure from the highs has shifted downward. While it has once again bottomed out and rebounded, it still hasn't broken through the upward pressure zone. The current resistance level is around 3345, the site of Monday's rapid decline, which also represents a previous top-bottom reversal.
Analysis of the 1-hour chart shows that gold prices have fallen to the key support level of 3330-3320. The moving averages are crossing downward, with upper resistance at 3345 near the MA100. A breakout could see the second resistance level of 3350-3360. The current range is oscillating between 3320-3360. We recommend caution in chasing orders within this range and patiently wait for key entry points.
Trading strategy:
Short around 3350, cover shorts at 3360, set a stop-loss at 3370, and profit range between 3330-3320. Below this level, target 3300.
If gold falls below 3320, try a light long position around 3315, with profit range between 3340-3350.
Analysis of the 1-hour chart shows that gold prices have fallen to the key support level of 3330-3320. The moving averages are crossing downward, with upper resistance at 3345 near the MA100. A breakout could see the second resistance level of 3350-3360. The current range is oscillating between 3320-3360. We recommend caution in chasing orders within this range and patiently wait for key entry points.
Trading strategy:
Short around 3350, cover shorts at 3360, set a stop-loss at 3370, and profit range between 3330-3320. Below this level, target 3300.
If gold falls below 3320, try a light long position around 3315, with profit range between 3340-3350.
With accurate market analysis and precise trading signals, I will lead my team to achieve geometrically multiplied profits in the gold market.
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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.
With accurate market analysis and precise trading signals, I will lead my team to achieve geometrically multiplied profits in the gold market.
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.