Gold weekly, daily and 4-hour levels all show a bullish structure, but there are signs of divergence after the continuous rise in prices, indicating that the upward momentum may weaken. From the historical increase, 3040 is an important risk area, and the limit of the upward space may be around 3080-3090.
Key support and resistance:
Support area:
4-hour level: 3025, 3015 (extremely strong and weak key points).
Daily level: 3009, 2956 (trend support).
Resistance area: 3040-3050 (high risk area), 3080-3090 (extreme upward target).
Risk warning:
Divergence signal: The price and the indicator diverge, indicating that the upward momentum may weaken.
Accelerated top: The current trend may enter the stage of accelerated top, and we need to be alert to the risk of a sharp correction.
Key point: 3015 is today's extremely strong and weak key point. If it falls below, it may trigger a further correction.
Operation suggestions:
Long strategy:
Long on pullback: If the gold price falls back to around 3015 and does not effectively fall below, you can try to go long, with the target at 3030-3040, and the stop loss is set below 3010.
Be cautious in chasing long: The current price has entered the high-risk area, and you need to be cautious in chasing long. It is recommended to operate with a light position.
Short strategy:
Short on rebound: If the gold price rebounds to the 3040-3050 area, you can try short short, with the target at 3025-3015, and the stop loss is set above 3055.
Short on break: If the gold price effectively falls below 3015, you can try short short, with the target at 3000, and the stop loss is set above 3020.
Gold is currently in a strong bullish trend, but the price has entered a high-risk area, and you need to be alert to the risk of technical pullback.
In terms of operation, the main focus is on long on pullback, supplemented by short on rebound, and pay attention to the key support of 3015 and the resistance area of 3040-3050.
If it falls below 3015, gold may turn to adjustment, with the target at 3000 or even 2955.
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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.