Yesterday we mentioned that the market may present a convergent triangle pattern. Today, the gold price has indeed ushered in a wave of sharp declines at the opening of the Asian session, and has fallen below the key support of 3260, and the lowest level has reached 3221. At present, the 1H moving average is spreading downward. In the short term, gold is still in a downward trend and is in a correction to overbought. The gold price is expected to reach 3210-3200. If it falls below this support range, it may even test the previous low of 3193. But at the same time, the 1H RSI indicator has fallen into the oversold area. Therefore, in terms of news, we need to pay attention to the initial jobless claims and PMI data during the US trading session today, and beware of the rebound after the correction.
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GOLD XAUUSD XAUUSD XAUUSD XAUUSD
Many friends who have read my posts have reported that my trading ideas and strategies are very helpful to them. I always firmly believe that profitability is the criterion for measuring strength, and seizing the opportunity is the key to victory. I will post every day to share my trading strategies and ideas for free. If you have just entered the market and don’t know how to make more profits, if you are already in it but the harvest is not ideal, then you might consider taking a look at my profile.
GOLD XAUUSD XAUUSD XAUUSD XAUUSD Trade active
We will maintain the high-short and low-long operation in the European session. We can consider a small amount of long near 3220-3230, looking at 3240-3250. Any rebound is a trading opportunity for us to short. If it rebounds to 3245-3255, we will arrange shorting and look at 3210-3200.Trade closed: target reached
In terms of news, as of April 26, the United States recorded 241,000 initial jobless claims for the week, which was expected to be 224,000, a new high since the week of February 22, 2025.
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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.