Market review
The volatile trend continued on Tuesday, with the Asian session falling under pressure, rebounding in the European session, and sweeping the $30 range in the US session.
It rose after confirming support in the morning session today, but fell back in the European session without breaking the previous low. Pay attention to whether it can continue to rise.
Key structural analysis
Weekly level
Watershed: 3295 (last week's low and this week's support), breaking it will open up downward space.
Daily level
The Bollinger band narrowed, support moved up to 3311 (MA30), and the upper rail resistance was 3403.
Relying on the lifeline to rebound for three consecutive days, the range will remain volatile in the short term.
4-hour level
The Bollinger band closed, breaking through the lifeline 3328 and turning into support. If it holds, it will look up to 3360-3365 (upper rail).
If 3328 is lost, the support of 3295-3290 will be seen.
Intraday trading strategy
Bull idea (need to hold 3328)
Target 1: 3347-3349 (near yesterday's high)
Target 2: 3360-3365 (4-hour upper rail resistance)
Stop loss: below 3328 (if it falls below, turn short)
Bear idea (if it falls below 3328)
Target 1: 3315-3318 (early low)
Target 2: 3295-3300 (weekly key support)
Key observation points
The trend of the European session determines the direction of the US session
If the European session stands above 3330 and breaks through 3340, the US session is expected to test 3360.
If the European session falls below 3328, the US session may fall to 3315 or even 3300.
Whether the 4-hour Bollinger Band is open
If it breaks through 3360 or falls below 3295, it will guide the trend direction.
(The current gold price is around 3340. Pay attention to whether the European session can continue the upward trend and adjust the strategy before the US session.)
Risk warning: The recent market is highly repetitive. Strictly stop loss to avoid large retracements caused by abnormal data or institutional changes.
Trade active
The data in the US trading session was positive. After gold hit 3360, it fell back. At present, the overall trend is consistent with the previous analysis. At present, it is testing the bottom support of the channel of the 3315 hour line. If it breaks below this position, it will fall back to the 3290 line. However, the consolidation trend is still strong, belonging to the high-level shock stage.The evening operation strategy recommends that gold fall back to the 3315-20 line and buy more, fall back to the 3295-3003 line to cover the position, stop loss at 3285, target 3345-3350 line, and continue to hold if it breaks;
Trade closed: target reached
Gold dropped to 3320 and then rebounded, reaching a high of 3347. The trend is consistent with the previous analysis!This also allows us to win 25 points perfectly with our long orders.
Upper resistance 3360
Lower support 3315
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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.
Free Signals:t.me/+CXftl_-QHEo2Yzc0
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.