Last Friday, gold prices fluctuated and consolidated below 3350, remaining range-bound near 3340 at the close of the US session. On Monday morning, gold prices quickly retreated to test support near 3325. The hourly chart then rebounded, breaking through and stabilizing above 3345, forming a V-shaped rebound. Looking at the 1-hour chart, gold prices rebounded quickly after falling in the early Asian session, and the moving average system continued to cross upward, indicating that there is upward momentum in the short term; however, after the current price broke through the suppression position of 3350, it continued to fluctuate at this position. If the price cannot break through the range of 3350-3360 for a long time, then there is a high probability that it will technically retreat and accumulate momentum to impact upward again. In the short term, focus on the upward resistance level of 3350-3360, with support near 3330.
Trading strategy:
Short around 3355-3360, stop loss at 3370, profit range 3330-3320-3310.
Long around 3320, stop loss at 3310, profit range 3340-3350-3360.
Trading strategy:
Short around 3355-3360, stop loss at 3370, profit range 3330-3320-3310.
Long around 3320, stop loss at 3310, profit range 3340-3350-3360.
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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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.