Gold prices were stable in early Asian trading on Wednesday, currently fluctuating around 3315. Gold prices experienced a surge and then decline in both of the first two trading days of this week, but the upward momentum was insufficient, preventing it from breaking through the upward pressure. This decline was driven by the combined influence of a stronger US dollar, geopolitical uncertainty, and expectations for Federal Reserve policy.
Gold prices fluctuated downward, breaking through the weekly low to set a new low. The daily chart shows a bearish trend, with the moving averages forming a downward crossover, and the Bollinger Bands opening downward in the short term.
From the 4-hour chart, the upper short-term resistance has moved downward and is currently around 3330-3335. The lower support is around 3300. The overall main tone of high-altitude participation is maintained.
Gold's 1-hour moving average is also continuing its bearish divergence, indicating that bears still have downward momentum in gold, and the rebound is beginning to weaken. If the Asian market rebound fails to break above 3330, it will be extremely weak, and any small rebound in gold will continue to be dominated by bears.
Trading Strategy:
Long around 3290, stop loss at 3280, profit range 3320-3340;
Short around 3330, stop loss at 3340, profit range 3300-3280;
Key Points:
First Support Level: 3300, Second Support Level: 3295, Third Support Level: 3285
First Resistance Level: 3325, Second Resistance Level: 3330, Third Resistance Level: 3340
Gold prices fluctuated downward, breaking through the weekly low to set a new low. The daily chart shows a bearish trend, with the moving averages forming a downward crossover, and the Bollinger Bands opening downward in the short term.
From the 4-hour chart, the upper short-term resistance has moved downward and is currently around 3330-3335. The lower support is around 3300. The overall main tone of high-altitude participation is maintained.
Gold's 1-hour moving average is also continuing its bearish divergence, indicating that bears still have downward momentum in gold, and the rebound is beginning to weaken. If the Asian market rebound fails to break above 3330, it will be extremely weak, and any small rebound in gold will continue to be dominated by bears.
Trading Strategy:
Long around 3290, stop loss at 3280, profit range 3320-3340;
Short around 3330, stop loss at 3340, profit range 3300-3280;
Key Points:
First Support Level: 3300, Second Support Level: 3295, Third Support Level: 3285
First Resistance Level: 3325, Second Resistance Level: 3330, Third Resistance Level: 3340
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.