Gold fell sharply on Wednesday, but Thursday's market didn't continue the downward trend as some investors expected. Instead, it showed a trend of rising and then falling.
From the daily perspective, we first need to focus on the resistance level near 3300 where the 5-day moving average is located. This position is not only a short-term technical resistance, but also reflects the market's psychological expectations to a certain extent. If prices can successfully break through this level and stabilize above it, it will indicate that bullish momentum is strengthening, potentially boosting market sentiment. At this point, the next resistance area to watch is the 3330-3340 range. This area converges the 10-day, 20-day and 30-day moving averages, forming a strong resistance band.
As for the support below, the primary focus is Wednesday's low of 3268. However, if this level is lost and the price continues to fall, the next support area will be around 3245, which is the previous low.
Trading strategy:
Short around 3300, stop loss at 3310, profit range 3280-3260.
From the daily perspective, we first need to focus on the resistance level near 3300 where the 5-day moving average is located. This position is not only a short-term technical resistance, but also reflects the market's psychological expectations to a certain extent. If prices can successfully break through this level and stabilize above it, it will indicate that bullish momentum is strengthening, potentially boosting market sentiment. At this point, the next resistance area to watch is the 3330-3340 range. This area converges the 10-day, 20-day and 30-day moving averages, forming a strong resistance band.
As for the support below, the primary focus is Wednesday's low of 3268. However, if this level is lost and the price continues to fall, the next support area will be around 3245, which is the previous low.
Trading strategy:
Short around 3300, stop loss at 3310, profit range 3280-3260.
A qualified analyst should have a wolf-like sense of smell and seize every opportunity to make a profit in the market fluctuations. And I am doing this.
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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.
A qualified analyst should have a wolf-like sense of smell and seize every opportunity to make a profit in the market fluctuations. And I am doing this.
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.