After reaching 4700, gold has recovered most of its previous losses and completely reversed its previous downward trend. After consolidation, gold has broken out strongly upwards, showing a relatively clear upward trend. Furthermore, there has been no significant pullback so far, indicating strong support below and that the bullish momentum has not yet shown any significant weakening. Therefore, there is a possibility of further upward movement in the short term.
As gold surged, its center of gravity shifted upwards, and the current short-term support area moved up to 4680-4660. In the short term, it is under pressure in the 4720-4740 area. Once gold consolidates and breaks through the 4720-4740 area again, it may continue its upward trend to the 4760-4780 area, and may even test the area near 4800.
Short-term technical support levels: 4680-4660 / 4630-4610
Short-term technical resistance levels: 4720-4740 / 4760-4780
Therefore, in terms of short-term trading, it is not recommended to chase the rise in gold prices directly. Consider waiting for gold to pull back to the 4680-4660 area before going long.
As gold surged, its center of gravity shifted upwards, and the current short-term support area moved up to 4680-4660. In the short term, it is under pressure in the 4720-4740 area. Once gold consolidates and breaks through the 4720-4740 area again, it may continue its upward trend to the 4760-4780 area, and may even test the area near 4800.
Short-term technical support levels: 4680-4660 / 4630-4610
Short-term technical resistance levels: 4720-4740 / 4760-4780
Therefore, in terms of short-term trading, it is not recommended to chase the rise in gold prices directly. Consider waiting for gold to pull back to the 4680-4660 area before going long.
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The overnight long position (entry price: 4680) has successfully hit TP: 4710, locking in a considerable profit once again in the short term. It's great to witness this wonderful moment with everyone. Congratulations!
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