I initially thought Trump's visit to China would be a catalyst for the gold market to break out of its consolidation range, but it seems to have disappointed me. As of now, gold has not broken out of its consolidation range and there is still no clear direction in the short term. However, during the consolidation period, I believe that gold will continue to compress its trading range before breaking out of the consolidation zone. Only after the trading range is extremely compressed can it better accumulate momentum for breaking out of the consolidation range.
However, from a short-term structural perspective, the overall center of gravity of gold is gradually shifting downwards, and the short-term resistance has also moved down to the 4710-4730 area; however, we should not be blindly bearish on gold before it breaks through the 4660-4640 area. The recent repeated bottoming out and rebounding trends have demonstrated strong support at lower levels.
Short-term technical support levels: 4660-4640 / 4610-4590
Short-term technical resistance levels: 4710-4730 / 4760-4780
Therefore, in terms of short-term trading, before gold breaks out of the consolidation range, I tend to go long on gold in the 4670-4650 range; of course, if gold rebounds to the 4710-4730 range, I will also consider going short on gold.
However, from a short-term structural perspective, the overall center of gravity of gold is gradually shifting downwards, and the short-term resistance has also moved down to the 4710-4730 area; however, we should not be blindly bearish on gold before it breaks through the 4660-4640 area. The recent repeated bottoming out and rebounding trends have demonstrated strong support at lower levels.
Short-term technical support levels: 4660-4640 / 4610-4590
Short-term technical resistance levels: 4710-4730 / 4760-4780
Therefore, in terms of short-term trading, before gold breaks out of the consolidation range, I tend to go long on gold in the 4670-4650 range; of course, if gold rebounds to the 4710-4730 range, I will also consider going short on gold.
Trade attivo
I have already bought gold in the 4670-4650 range according to the above trading plan. Now I am patiently waiting for gold to rebound. If gold can hold the 4640 support level, there is still a chance for gold to rebound. So don't panic because of the gold price pullback; pullbacks are good opportunities to go long on gold!
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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.