Spot gold is currently trading around 3332 in Tuesday's Asian session. Concerns about the situation between Russia and Ukraine led to a brief rebound to around 3358. However, growing expectations of peace have directly dampened gold's safe-haven demand, leading to the price reversal of all gains.
On the 4-hour chart, the 5- and 10-day moving averages are trending downward. Gold prices remained below the middle Bollinger Band during Tuesday's Asian session. A short-term upward trend followed by a decline has formed, maintaining trading within the lower and middle Bollinger Bands.
Recent price action has formed a clear triangle consolidation range, which has persisted for a significant period, seemingly accumulating momentum for a subsequent major rally. Upper resistance remains stable around 3350-3360, while lower support lies in the 3330-3320 range.
On the whole, if the gold price can break through 3360 and stabilize above this position, it is likely to start a rebound and give the market hope of an upward trend; on the contrary, if it falls below 3320 US dollars, the short-selling force may be further released, accelerating the price decline, and market sentiment will also be affected.
On the 4-hour chart, the 5- and 10-day moving averages are trending downward. Gold prices remained below the middle Bollinger Band during Tuesday's Asian session. A short-term upward trend followed by a decline has formed, maintaining trading within the lower and middle Bollinger Bands.
Recent price action has formed a clear triangle consolidation range, which has persisted for a significant period, seemingly accumulating momentum for a subsequent major rally. Upper resistance remains stable around 3350-3360, while lower support lies in the 3330-3320 range.
On the whole, if the gold price can break through 3360 and stabilize above this position, it is likely to start a rebound and give the market hope of an upward trend; on the contrary, if it falls below 3320 US dollars, the short-selling force may be further released, accelerating the price decline, and market sentiment will also be affected.
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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.