Hello traders,
Check this Latest COT Report first:
Gold:
Net long positions increased by 7,741 contracts, with a net long increase of 7%. The current total net long positions stand at 118,615, nearing the upper limit of the past year (the maximum being 254,841), with a relative position of 47%. This indicates that long funds are returning to the market, enhancing expectations for continued increases in gold prices; at the same time, short sellers are actively retreating, and those with short-term bearish views are exiting.
From a technical perspective, gold also shows a clear bullish trend. I believe the support level for gold is at 3200, and if it successfully breaks through the important resistance level of 3400, there is a possibility of testing the 3450-3500 range within this week.
On weekly chart, check this first.
Price action all above weekly EMAS
On this 4H chart, GOLD is running the fifth wave on this current swing. It could be rejected from the daily pressure line down to sideways price action above the red buying zone 3260-3277, WHERE BUYER VERY POSSIBLE WAITING THE OPPORTUNITY TO OPEN LONG TRADE ON GOLD AGAIN!
For mid-term buyers, fibo ext 1.27-1.414 zone is very possible.
GOOD LUCK！
LESS IS MORE!
Check this Latest COT Report first:
Gold:
Net long positions increased by 7,741 contracts, with a net long increase of 7%. The current total net long positions stand at 118,615, nearing the upper limit of the past year (the maximum being 254,841), with a relative position of 47%. This indicates that long funds are returning to the market, enhancing expectations for continued increases in gold prices; at the same time, short sellers are actively retreating, and those with short-term bearish views are exiting.
From a technical perspective, gold also shows a clear bullish trend. I believe the support level for gold is at 3200, and if it successfully breaks through the important resistance level of 3400, there is a possibility of testing the 3450-3500 range within this week.
On weekly chart, check this first.
Price action all above weekly EMAS
On this 4H chart, GOLD is running the fifth wave on this current swing. It could be rejected from the daily pressure line down to sideways price action above the red buying zone 3260-3277, WHERE BUYER VERY POSSIBLE WAITING THE OPPORTUNITY TO OPEN LONG TRADE ON GOLD AGAIN!
For mid-term buyers, fibo ext 1.27-1.414 zone is very possible.
GOOD LUCK！
LESS IS MORE!
Trade active
Trade closed: target reached
Yesterday was the expiration date for gold and silver options. The significant fluctuations in gold and silver prices are a normal phenomenon. Moreover, this round of selling was quite thorough, breaking below the 3330 level and reaching a low of 3284. The adjustment was quite complete.Note
Note
4H chart, DOJI suggest the support is valid for now. I would suggest the selling plan on 4H chart done now.
Note
4H chart, GOLD failed to break through EMAs in US session on Wed.The new low of this week now is testing the buying zone.
Note
Note
The green arrow is still no signal yet. Check this ASIS session later.
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Disclaimer
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Join Free Telegram Group to get all the updates: t.me/FuntraderVera
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.