Gold exhibited a fluctuating and weakening trend today, with a pullback after a morning rally. It hit a high in the early session before gradually declining, closing slightly lower intraday, as bullish momentum waned in the tug-of-war between long and short positions.
The 4-hour chart shows that the 20-period SMA is around 4150, and this average has moved above both the 100-period and 200-period SMAs, providing a degree of dynamic support for gold prices. This has limited the extent of the intraday pullback, preventing a sharp plunge.
On the daily chart, the 20-day SMA sits at 4076, and current gold prices remain above all major moving averages, with the long-term bullish technical pattern still intact. As long as the support at the 20-day SMA holds, bulls are likely to retain control. A subsequent breakthrough above the 4220 high could see prices advance toward the 4300 level; conversely, a breach below key moving average support may trigger a deeper pullback.
The primary support remains in the 4150-4160 range,holding this zone could avert further pullback, while a break of this short-term support would shift focus to the key 4100 level.
For upward momentum today, a short-term rebound needs to first clear the 4180-4186 range to reignite upward drive. The critical resistance zone to watch is 4211-4215, which marks today’s intraday high and a key level for recent bullish attacks; a breakout here could pave the way for a move toward 4300.
Trading Strategy:
Buy 4150 - 4160
SL 4140
TP 4210 - 4215 - 4220
Sell 4210 - 4220
SL 4230
TP 4190 - 4180 - 4170
Avoid blindly chasing long positions at the high level of 4211-4215, and also refrain from random bottom-fishing near 4150. Wait for the market to give a clear direction before taking action.If no clear breakthrough signal emerges on the day, one may abandon the trade to avoid frequent operations.
The 4-hour chart shows that the 20-period SMA is around 4150, and this average has moved above both the 100-period and 200-period SMAs, providing a degree of dynamic support for gold prices. This has limited the extent of the intraday pullback, preventing a sharp plunge.
On the daily chart, the 20-day SMA sits at 4076, and current gold prices remain above all major moving averages, with the long-term bullish technical pattern still intact. As long as the support at the 20-day SMA holds, bulls are likely to retain control. A subsequent breakthrough above the 4220 high could see prices advance toward the 4300 level; conversely, a breach below key moving average support may trigger a deeper pullback.
The primary support remains in the 4150-4160 range,holding this zone could avert further pullback, while a break of this short-term support would shift focus to the key 4100 level.
For upward momentum today, a short-term rebound needs to first clear the 4180-4186 range to reignite upward drive. The critical resistance zone to watch is 4211-4215, which marks today’s intraday high and a key level for recent bullish attacks; a breakout here could pave the way for a move toward 4300.
Trading Strategy:
Buy 4150 - 4160
SL 4140
TP 4210 - 4215 - 4220
Sell 4210 - 4220
SL 4230
TP 4190 - 4180 - 4170
Avoid blindly chasing long positions at the high level of 4211-4215, and also refrain from random bottom-fishing near 4150. Wait for the market to give a clear direction before taking action.If no clear breakthrough signal emerges on the day, one may abandon the trade to avoid frequent operations.
Trade attivo
The 4150 level, previously a key support level with top-bottom conversion characteristics, is likely to turn into short-term resistance after being broken. Traders can try shorting with light positions in the 4142-4145 range, with the initial target set at the 4120-4130 range that is the support near the daily Bollinger Band midline.
If the price subsequently breaks below 4120, it could further drop to the key psychological level of 4100.
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Pubblicazioni correlate
Declinazione di responsabilità
Le informazioni e le pubblicazioni non sono intese come, e non costituiscono, consulenza o raccomandazioni finanziarie, di investimento, di trading o di altro tipo fornite o approvate da TradingView. Per ulteriori informazioni, consultare i Termini di utilizzo.