XAUUSD: If the rebound fails to break through 2615, sell it here
Last Friday, our strategy was to wait for the gold price to retreat to the 2550-2560 area to buy, with a target of 2590. Without waiting until 2560, we finally bought in the 2562 area, and today we have successfully reached the target of 2590.
As geopolitical tensions in the Middle East intensified again and the conflict between Ukraine and Russia continued, gold prices continued to rise at the opening of this week, reaching a high of around 2597.
From the daily chart, we can see that the gold price fell from 2790 this time, and the decline reached 260 US dollars in just half a month. Therefore, although the gold price has rebounded recently, it is still in a short position overall, so we can't blindly chase the rise and ignore the current short trend.
From the 1H chart, we can see that the upper resistance is at 2615, which is not too far from the current price of 2595. So to be more cautious, we'd better wait for the gold price to rebound to 2615, and sell it when the gold price does not break through the resistance
As geopolitical tensions in the Middle East intensified again and the conflict between Ukraine and Russia continued, gold prices continued to rise at the opening of this week, reaching a high of around 2597.
From the daily chart, we can see that the gold price fell from 2790 this time, and the decline reached 260 US dollars in just half a month. Therefore, although the gold price has rebounded recently, it is still in a short position overall, so we can't blindly chase the rise and ignore the current short trend.
From the 1H chart, we can see that the upper resistance is at 2615, which is not too far from the current price of 2595. So to be more cautious, we'd better wait for the gold price to rebound to 2615, and sell it when the gold price does not break through the resistance
Trade active
The price of gold is now getting closer and closer to the 2615 position. We can insist on waiting for the resistance here before choosing whether to go short.
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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.
📣More detailed real-time trading strategies will be released in the channel, welcome to join and get them
🟢Join the free Telegram group:
t.me/Reliable_Trading0
🟡Contact me to copy trading:
t.me/Reliable_Trading1
🟢Join the free Telegram group:
t.me/Reliable_Trading0
🟡Contact me to copy trading:
t.me/Reliable_Trading1
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.