First resistance level: 4558, Second resistance level: 4583, Third resistance level: 4600
First support level: 4502, Second support level: 4478, Third support level: 4450
After last Friday's rise, there are two views on the gold market: First, gold's trend this week is no longer weak, returning to a normal low-level consolidation; second, due to the pullback after the surge, it failed to hold above 4580, so it is not absolutely strong, and both bulls and bears have opportunities this week. Therefore, gold will remain in a consolidation phase this week, with resistance at 4600 and support at 4450. A breakout from this range will determine the trend's continuation.
Technically, looking at the monthly chart, after testing the 10-day moving average at 4366, it did not experience a rapid decline but instead found support and reversed sharply in a V-shape. The weekly chart closed with a doji candlestick pattern. A complete return to a bullish trend is only possible after gradually recovering the 4600/4640 levels. The daily chart shows consecutive gains. Following Friday's significant price increase, the Bollinger Bands on the 4-hour and hourly charts have widened again, with the price hovering near the upper band. Gold is currently expected to remain in a consolidation phase. Whether the trend can continue after the sharp V-shaped reversal hinges on a break and stabilization above 4600/4640.
My recommendations:
BUY: 4440-4450, SL: 4410, TP: 4550-4600;
SELL: 4580-4590, SL: 4610, TP: 4520-4500;
First support level: 4502, Second support level: 4478, Third support level: 4450
After last Friday's rise, there are two views on the gold market: First, gold's trend this week is no longer weak, returning to a normal low-level consolidation; second, due to the pullback after the surge, it failed to hold above 4580, so it is not absolutely strong, and both bulls and bears have opportunities this week. Therefore, gold will remain in a consolidation phase this week, with resistance at 4600 and support at 4450. A breakout from this range will determine the trend's continuation.
Technically, looking at the monthly chart, after testing the 10-day moving average at 4366, it did not experience a rapid decline but instead found support and reversed sharply in a V-shape. The weekly chart closed with a doji candlestick pattern. A complete return to a bullish trend is only possible after gradually recovering the 4600/4640 levels. The daily chart shows consecutive gains. Following Friday's significant price increase, the Bollinger Bands on the 4-hour and hourly charts have widened again, with the price hovering near the upper band. Gold is currently expected to remain in a consolidation phase. Whether the trend can continue after the sharp V-shaped reversal hinges on a break and stabilization above 4600/4640.
My recommendations:
BUY: 4440-4450, SL: 4410, TP: 4550-4600;
SELL: 4580-4590, SL: 4610, TP: 4520-4500;
Trade ist aktiv
Gold prices rebounded from the support zone around 4450 to a high of 4500, a rebound of 500 pips. Perfect!
💥 Full-time finance professional.
💥More than 11 years of experience in gold trading
⬇️I will guide you to profitability.
My Telegram : t.me/JungoldAnalyst
💥More than 11 years of experience in gold trading
⬇️I will guide you to profitability.
My Telegram : t.me/JungoldAnalyst
Haftungsausschluss
Die Informationen und Veröffentlichungen sind nicht als Finanz-, Anlage-, Handels- oder andere Arten von Ratschlägen oder Empfehlungen gedacht, die von TradingView bereitgestellt oder gebilligt werden, und stellen diese nicht dar. Lesen Sie mehr in den Nutzungsbedingungen.
💥 Full-time finance professional.
💥More than 11 years of experience in gold trading
⬇️I will guide you to profitability.
My Telegram : t.me/JungoldAnalyst
💥More than 11 years of experience in gold trading
⬇️I will guide you to profitability.
My Telegram : t.me/JungoldAnalyst
Haftungsausschluss
Die Informationen und Veröffentlichungen sind nicht als Finanz-, Anlage-, Handels- oder andere Arten von Ratschlägen oder Empfehlungen gedacht, die von TradingView bereitgestellt oder gebilligt werden, und stellen diese nicht dar. Lesen Sie mehr in den Nutzungsbedingungen.