Gold prices rebounded sharply this week after hitting a low of around 4366, quickly recovering lost ground and reaching a high of around 4595. This has largely eased the recent bearish trend. However, it is worth noting that gold fell back again after touching around 4595, and the candlestick chart showed a long upper shadow, reflecting increased divergence at high levels and a slight lack of upward momentum in the short term.
Gold rebounded after touching around 4366, but fell back again after touching around 4595, indicating that there were initial signs of a bottoming out, but the trend has not yet been confirmed to have reversed. Therefore, gold may still fluctuate in the short term. From a technical perspective, gold currently shows signs of forming an inverted head and shoulders support pattern by combining structural lows such as 4453 and 4366. However, it is still lacking the right shoulder structure of the complete inverted head and shoulders pattern. Therefore, gold still needs to pull back in the short term to form the right shoulder structure. So, gold may continue its pullback trend on Monday. But once the right shoulder structure of the secondary low is successfully formed during the pullback, gold may continue its bottoming-out and rebound trend. Short-term support lies in the 4510-4490 area, followed by the 4460-4440 area. Short-term resistance is located in the 4580-4600 area.
Short-term technical support levels: 4510-4490 / 4460-4440
Short-term technical resistance levels: 4570-4590 / 4610-4630
Therefore, in short-term trading, if gold continues to retrace to the 4515-4495 area, I will consider going long on gold.
Gold rebounded after touching around 4366, but fell back again after touching around 4595, indicating that there were initial signs of a bottoming out, but the trend has not yet been confirmed to have reversed. Therefore, gold may still fluctuate in the short term. From a technical perspective, gold currently shows signs of forming an inverted head and shoulders support pattern by combining structural lows such as 4453 and 4366. However, it is still lacking the right shoulder structure of the complete inverted head and shoulders pattern. Therefore, gold still needs to pull back in the short term to form the right shoulder structure. So, gold may continue its pullback trend on Monday. But once the right shoulder structure of the secondary low is successfully formed during the pullback, gold may continue its bottoming-out and rebound trend. Short-term support lies in the 4510-4490 area, followed by the 4460-4440 area. Short-term resistance is located in the 4580-4600 area.
Short-term technical support levels: 4510-4490 / 4460-4440
Short-term technical resistance levels: 4570-4590 / 4610-4630
Therefore, in short-term trading, if gold continues to retrace to the 4515-4495 area, I will consider going long on gold.
注释
After gold touched around 4595, a long upper shadow appeared on the candlestick chart, reflecting increased divergence at higher levels and a slight lack of upward momentum in the short term. If gold does not retrace and instead rebounds to 4570-4590, I believe it is advisable to continue to boldly attempt to short gold.交易开始
Good morning. I updated my intraday trading ideas yesterday, and I believed the 4510-4490 area was a good buying zone. I still stand by this idea and will act on it! I look forward to the gold rebound bringing us the expected profits!
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