From the 4-hour technical chart, XAU/USD has confirmed a breakout from the key consolidation zone of 4460-4470 and has successfully consolidated above the psychological level of 4500 after the breakout. The previous breakout area has now become a key downside support level for the short-term price action.
For intraday trading: the immediate support zone is at 4490-4500; our bullish view's failed support level is at 4465-4470. On the upside, the nearest resistance level is at 4550-4555, while the key weekly resistance level that triggered the previous pullback is at 4570-4580.
Given that today is Friday and the weekly close is approaching, we recommend a conservative strategy and avoid rash, aggressive entries. Our core strategy remains to buy on dips. We suggest traders establish long positions when the price pulls back to 4490-4500, and gradually increase long positions using a pyramiding approach if the price falls to the strong support zone of 4465-4470.
For intraday trading: the immediate support zone is at 4490-4500; our bullish view's failed support level is at 4465-4470. On the upside, the nearest resistance level is at 4550-4555, while the key weekly resistance level that triggered the previous pullback is at 4570-4580.
Given that today is Friday and the weekly close is approaching, we recommend a conservative strategy and avoid rash, aggressive entries. Our core strategy remains to buy on dips. We suggest traders establish long positions when the price pulls back to 4490-4500, and gradually increase long positions using a pyramiding approach if the price falls to the strong support zone of 4465-4470.
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Exención de responsabilidad
La información y las publicaciones no constituyen, ni deben considerarse como, asesoramiento o recomendaciones financieras, de inversión, de trading u otro tipo, proporcionadas o respaldadas por TradingView. Obtenga más información en Condiciones de uso.