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 attivo
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!Trade chiuso: obiettivo raggiunto
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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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.