Gold broke upwards after a period of consolidation, rising above 4530. Has the bulls made a strong comeback today? I believe it doesn't signify a strong bullish return, but rather a retaliatory rebound. Such movements often lack continuity. After all, the overall trend in the gold market remains weak, and the current structure doesn't support a reversal. Both time and price conditions are insufficient to support a reversal in the near future. Therefore, gold still needs to pull back and test the bottom support.
From a structural perspective, since gold has broken out after a period of consolidation, there is a possibility of continued upward movement. However, chasing the price of gold at this point does not offer any advantage, so I do not plan to do so. The relatively reliable resistance level is currently in the 4585-4605 range.
Short-term technical support levels: 4480-4460 / 4430-4410
Short-term technical resistance levels: 4585-4605 / 4630-4650
Therefore, in short-term trading, I prioritize shorting gold within the 4585-4605 range.If gold retraces to the 4490-4470 area first, I will consider trying to buy gold.
From a structural perspective, since gold has broken out after a period of consolidation, there is a possibility of continued upward movement. However, chasing the price of gold at this point does not offer any advantage, so I do not plan to do so. The relatively reliable resistance level is currently in the 4585-4605 range.
Short-term technical support levels: 4480-4460 / 4430-4410
Short-term technical resistance levels: 4585-4605 / 4630-4650
Therefore, in short-term trading, I prioritize shorting gold within the 4585-4605 range.If gold retraces to the 4490-4470 area first, I will consider trying to buy gold.
Trade aktif
I've already bought gold in the 4490-4470 range as planned and am currently making a profit. However, gold is still showing weakness overall, so it's important to manage profit margins carefully and not be too greedy. Good luck!Trading ditutup: target tercapai
As planned, we bought long positions in gold around 4488-4487, and the price has now hit the target of TP: 4510. This marks a successful close to our trading week! It's great to witness this moment with everyone. Congratulations!
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Pernyataan Penyangkalan
Informasi dan publikasi ini tidak dimaksudkan, dan bukan merupakan, saran atau rekomendasi keuangan, investasi, trading, atau jenis lainnya yang diberikan atau didukung oleh TradingView. Baca selengkapnya di Ketentuan Penggunaan.