At the start of the week, gold rebounded from 4545 to 4760 then consolidated at a high level. It broke down to the downside today, closing bearish on the daily chart for consecutive sessions, with bears taking control.
Support
4550–4560: Mid-term bullish defense line, strong support.
4580–4590: Fibonacci 0.618 combined with previous platform, relatively strong support.
4600: Psychological level, short-term support.
Resistance
4630–4640: Restrained by hourly moving averages, first resistance for rebound.
4660: 10-day moving average, key bullish and bearish watershed level.
4700: Heavy trading zone, strong resistance.
Trading Strategy:
Sell 4630 - 4640
SL 4665
TP 4580 - 4560 - 4555
Buy 4550 - 4560
SL 4530
TP 4590 - 4600 - 4620
Breakout handling: Break below 4550 to follow the short trend, target at 4500; break above 4660 to switch to long trend, target at 4700.
Support
4550–4560: Mid-term bullish defense line, strong support.
4580–4590: Fibonacci 0.618 combined with previous platform, relatively strong support.
4600: Psychological level, short-term support.
Resistance
4630–4640: Restrained by hourly moving averages, first resistance for rebound.
4660: 10-day moving average, key bullish and bearish watershed level.
4700: Heavy trading zone, strong resistance.
Trading Strategy:
Sell 4630 - 4640
SL 4665
TP 4580 - 4560 - 4555
Buy 4550 - 4560
SL 4530
TP 4590 - 4600 - 4620
Breakout handling: Break below 4550 to follow the short trend, target at 4500; break above 4660 to switch to long trend, target at 4700.
交易开始
The range trading ideas and breakout strategies we provided today have been fully verified by market movements.
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