Gold has retreated from $3,500, is the price near a top? Possibly. But I wouldn't sound the alarm bells just yet. This is most likely due to some regular profit-taking. The high indicators are more of a warning than a call to arms. Rather than "get out of here," it's more of a "stay alert."
At present, the initial support below is in the 3405-3400 area. Further down are the two key support levels of 3380 and 3357. 3380 is the support level near the middle track of the 4-hour level, and 3357 is an important top and bottom conversion position in the previous period. These two positions still provide strong support for the future market rise. At present, the 4-hour level high has closed in a bearish pattern of Yin engulfing Yang engulfing, and the K-line is negative. The short-term is expected to improve and fall back. Short-term operations will mainly rebound from high altitudes. Pay attention to the resistance near 3435 and 3450 on the top and do not break the air. Pay attention to the support near 3408-3400 on the bottom. If it breaks, adjust the position and continue to look at 3380.
At present, the initial support below is in the 3405-3400 area. Further down are the two key support levels of 3380 and 3357. 3380 is the support level near the middle track of the 4-hour level, and 3357 is an important top and bottom conversion position in the previous period. These two positions still provide strong support for the future market rise. At present, the 4-hour level high has closed in a bearish pattern of Yin engulfing Yang engulfing, and the K-line is negative. The short-term is expected to improve and fall back. Short-term operations will mainly rebound from high altitudes. Pay attention to the resistance near 3435 and 3450 on the top and do not break the air. Pay attention to the support near 3408-3400 on the bottom. If it breaks, adjust the position and continue to look at 3380.
Trade active
Gold rebounds to 3343-50 line short, rebound to 3360-66 line to cover short, stop loss 3372, target 3310-3315 line, continue to hold if it breaks, click the link to get accurate trading signals
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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.