Gold continued to fall on the daily line, bottomed out and rebounded on Friday. After a sharp retracement of the 3000 mark, the gold price closed above 3020. The daily closing price was still above the MA10/7-day moving average, and the RSI indicator was running at a high value of 70. As of now, the MA10/7-day moving average still remains upward, at 3023/3000 respectively!
In the short-term four-hour chart, the gold price is in the middle and lower track of the Bollinger Band, and the MA10/7-day moving average opens downward. The current resistance point is 3028 and the middle track of the Bollinger Band is 3032. The RSI indicator returns to the middle axis 50 value for consolidation. The hourly chart RSI indicator runs below the middle axis, and the price is in the middle track of the Bollinger Band. It is expected that the market will be consolidated in a large range at the beginning of this week!
After the market rose to the 3057 line, long positions took profits, and the market ran downward, with the lowest price reaching 2999. The current decline is just a correction to the previous rise. After the correction, continue to be bullish!
As for whether the correction is over, from the perspective of form, considering the current technical side is bearish, short-term operations are mainly sold at high levels below 3038, and then consider buying at low prices.
Key points:
First support: 3013, second support: 3005, third support: 2992
First resistance: 3030, second resistance: 3035, third resistance: 3046
Operation ideas:
Buy: 3000-3003, SL: 2992, TP: 3020-3030;
Sell: 3037-3040, SL: 3048, TP: 3020-3010;
In the short-term four-hour chart, the gold price is in the middle and lower track of the Bollinger Band, and the MA10/7-day moving average opens downward. The current resistance point is 3028 and the middle track of the Bollinger Band is 3032. The RSI indicator returns to the middle axis 50 value for consolidation. The hourly chart RSI indicator runs below the middle axis, and the price is in the middle track of the Bollinger Band. It is expected that the market will be consolidated in a large range at the beginning of this week!
After the market rose to the 3057 line, long positions took profits, and the market ran downward, with the lowest price reaching 2999. The current decline is just a correction to the previous rise. After the correction, continue to be bullish!
As for whether the correction is over, from the perspective of form, considering the current technical side is bearish, short-term operations are mainly sold at high levels below 3038, and then consider buying at low prices.
Key points:
First support: 3013, second support: 3005, third support: 2992
First resistance: 3030, second resistance: 3035, third resistance: 3046
Operation ideas:
Buy: 3000-3003, SL: 2992, TP: 3020-3030;
Sell: 3037-3040, SL: 3048, TP: 3020-3010;
Trade active
Today's market is bleak, and trend trading has almost no continuity. It runs in a few dollar range, with a minimum of 3022.4. There is also little profit from selling.Later today, you can only sell high and buy low based on resistance and support.
Pay attention to the resistance near 3035~3038 (Fibonacci 0.382 position) above. Support at 3015~3010 (Fibonacci 0.786 position) below. Based on the range of 3057.5~2999.4.
If there is a chance, we will enter again
Trade closed manually
There are few signals today, I will share more tomorrow 
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Related publications
Disclaimer
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🥇My free Telegram group(Updated daily):
t.me/JungoldAnalyst
✅Contact me
t.me/JunCopytrader
t.me/JungoldAnalyst
✅Contact me
t.me/JunCopytrader
Related publications
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.