My recommendations:
BUY: 4130–4135, SL: 4115, TP: 4160–4190.
SELL: 4195–4205, SL: 4225, TP: 4150–4130.
From a daily chart perspective, influenced by the non-farm payroll data, gold rose yesterday, breaking through the MA5 and MA10 moving averages, which was technically in line with expectations. Its rhythm still maintains a high negative correlation with the US dollar index. However, today's Asian session move, breaking through the MA20 moving average, is not coordinated with the US dollar index's rhythm, and given that US stock markets are closed today, this action in the Asian session reflects the current unstable market sentiment. Although gold prices have broken through the MA20, the intraday situation is special, and the short-term upward momentum of gold may not be sustainable. It is highly likely that gold will choose to fluctuate around the MA20. Therefore, chasing the price higher today is not advisable; a conservative view of the market's consolidation is recommended. On the upside, watch the 4200 psychological level and the previous high near 4220 for potential breakouts. On the downside, watch the support level around 4090, near the 5-day and 10-day moving averages. After the market digests the fundamental impact, gold's price action will likely follow the inverse of the US dollar index.
Looking at the hourly chart, today's Asian session rally in gold appears unusual and strongly driven by sentiment. Technically, this rally has created an overbought signal on the hourly chart, raising doubts about its sustainability. There's a possibility of pressure and a pullback from yesterday's gains. With the US market closed, a pullback is possible. On the downside, watch the 4145 level, the high after the NFP release, where previous resistance has now become support. A break below 4145 would target further support around 4110-4100.
BUY: 4130–4135, SL: 4115, TP: 4160–4190.
SELL: 4195–4205, SL: 4225, TP: 4150–4130.
From a daily chart perspective, influenced by the non-farm payroll data, gold rose yesterday, breaking through the MA5 and MA10 moving averages, which was technically in line with expectations. Its rhythm still maintains a high negative correlation with the US dollar index. However, today's Asian session move, breaking through the MA20 moving average, is not coordinated with the US dollar index's rhythm, and given that US stock markets are closed today, this action in the Asian session reflects the current unstable market sentiment. Although gold prices have broken through the MA20, the intraday situation is special, and the short-term upward momentum of gold may not be sustainable. It is highly likely that gold will choose to fluctuate around the MA20. Therefore, chasing the price higher today is not advisable; a conservative view of the market's consolidation is recommended. On the upside, watch the 4200 psychological level and the previous high near 4220 for potential breakouts. On the downside, watch the support level around 4090, near the 5-day and 10-day moving averages. After the market digests the fundamental impact, gold's price action will likely follow the inverse of the US dollar index.
Looking at the hourly chart, today's Asian session rally in gold appears unusual and strongly driven by sentiment. Technically, this rally has created an overbought signal on the hourly chart, raising doubts about its sustainability. There's a possibility of pressure and a pullback from yesterday's gains. With the US market closed, a pullback is possible. On the downside, watch the 4145 level, the high after the NFP release, where previous resistance has now become support. A break below 4145 would target further support around 4110-4100.
💥 Full-time finance professional.
💥More than 11 years of experience in gold trading
⬇️I will guide you to profitability.
My Telegram : t.me/JungoldAnalyst
💥More than 11 years of experience in gold trading
⬇️I will guide you to profitability.
My Telegram : t.me/JungoldAnalyst
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.
💥 Full-time finance professional.
💥More than 11 years of experience in gold trading
⬇️I will guide you to profitability.
My Telegram : t.me/JungoldAnalyst
💥More than 11 years of experience in gold trading
⬇️I will guide you to profitability.
My Telegram : t.me/JungoldAnalyst
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.