As expected, gold retreated after touching around 4580, and our short position ultimately closed at the TP (transaction price) level. Gold prices have continued to fall below 4510, indicating significant upward pressure. It is unlikely that gold will have any outstanding performance in the short term. However, overall, gold is still in a range-bound market, and there are no conditions for a one-sided trend to emerge in the short term.
As gold's center of gravity gradually shifts downward, short-term resistance has moved down to the 4540-4560 area. It's worth noting, however, that although gold is trending downwards in the short term, the inverted head and shoulders technical support structure has not been broken, and there is still some buying support below, with short-term support in the 4500-4480 area. Furthermore, the short-term gap has been completely filled, and gold may see a rebound based on this support.
Short-term technical support levels: 4500-4480 / 4460-4440
Short-term technical resistance levels: 4540-4560 / 4580-4600
Therefore, in terms of short-term trading, I would first consider going long on gold in the 4505-4485 range; if gold rebounds as expected, the first resistance level to watch is the 4640-4660 range, which may be a potential entry point for short positions.
As gold's center of gravity gradually shifts downward, short-term resistance has moved down to the 4540-4560 area. It's worth noting, however, that although gold is trending downwards in the short term, the inverted head and shoulders technical support structure has not been broken, and there is still some buying support below, with short-term support in the 4500-4480 area. Furthermore, the short-term gap has been completely filled, and gold may see a rebound based on this support.
Short-term technical support levels: 4500-4480 / 4460-4440
Short-term technical resistance levels: 4540-4560 / 4580-4600
Therefore, in terms of short-term trading, I would first consider going long on gold in the 4505-4485 range; if gold rebounds as expected, the first resistance level to watch is the 4640-4660 range, which may be a potential entry point for short positions.
Transaction en cours
After our aforementioned long gold position hit TP:4530, gold has now retreated again below 4505. As long as the inverted head and shoulders structure support below remains intact, I believe this presents a second opportunity to go long on gold!
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Publications connexes
Clause de non-responsabilité
Les informations et publications ne sont pas destinées à être, et ne constituent pas, des conseils ou recommandations financiers, d'investissement, de trading ou autres fournis ou approuvés par TradingView. Pour en savoir plus, consultez les Conditions d'utilisation.