Gold prices rose to around 5111 today but encountered resistance and pulled back. It is currently continuing its correction. It is not recommended to chase the rally at the high point, as the bulls have just pulled back and are adjusting, and the technical indicators suggest that the price needs to consolidate below. The overall trend remains bullish; the strategy is to buy on dips and patiently wait for entry opportunities after the pullback.
Based on historical patterns of similar price movements, the theoretical target after this breakout points to the $5300-$5400 area. Gold prices have surged past the psychological level of $5,000 and are now heading towards that target area. Weekly momentum indicators still provide support: the MACD maintains a bullish signal, and while the RSI is high, it hasn't shown extreme exhaustion, indicating continued upward momentum.
The key support level has moved up to the recent breakout zone of $5000-$5040, with the most crucial support located at the breakout point of $4970. As long as the price holds above this area, the trend structure remains intact, and the path of least resistance remains upward.
Short-term strategy recommendation:
Buy at 5050-55, add to position at 5040, stop loss at 5030, target 5100-5120, and after a breakout, watch for 5150-5200.I will post more strategies in the channel.
Based on historical patterns of similar price movements, the theoretical target after this breakout points to the $5300-$5400 area. Gold prices have surged past the psychological level of $5,000 and are now heading towards that target area. Weekly momentum indicators still provide support: the MACD maintains a bullish signal, and while the RSI is high, it hasn't shown extreme exhaustion, indicating continued upward momentum.
The key support level has moved up to the recent breakout zone of $5000-$5040, with the most crucial support located at the breakout point of $4970. As long as the price holds above this area, the trend structure remains intact, and the path of least resistance remains upward.
Short-term strategy recommendation:
Buy at 5050-55, add to position at 5040, stop loss at 5030, target 5100-5120, and after a breakout, watch for 5150-5200.I will post more strategies in the channel.
כתב ויתור
המידע והפרסומים אינם מיועדים להיות, ואינם מהווים, ייעוץ או המלצה פיננסית, השקעתית, מסחרית או מכל סוג אחר המסופקת או מאושרת על ידי TradingView. קרא עוד ב־תנאי השימוש.
כתב ויתור
המידע והפרסומים אינם מיועדים להיות, ואינם מהווים, ייעוץ או המלצה פיננסית, השקעתית, מסחרית או מכל סוג אחר המסופקת או מאושרת על ידי TradingView. קרא עוד ב־תנאי השימוש.