The 4-hour chart shows a clear market trend. On Tuesday, gold reached a high near 3390, and it's now firmly above the 4-hour trendline. The retracement reached a low near 3350, essentially completing the correction. Therefore, today's upward trend is likely to continue, aiming for new highs. The current resistance level is around 3400-3410.
From the 1-hour chart, key support lies between 3370-3360. Quaid believes that today's price must not fall below 3360. If it falls back below 3360, it's likely to retest the low of 3350.
However, as long as it remains above support, gold will remain in an upward trend. Upward resistance lies around 3400-3410.
Trading strategy:
Go long near 3360, stop loss at 3345, profit range 3380-3400.
Short near 3390, stop loss at 3410, profit range 3380-3370-3360.
A qualified analyst should have a wolf-like sense of smell and seize every opportunity to make a profit in the market fluctuations. And I am doing this.
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A qualified analyst should have a wolf-like sense of smell and seize every opportunity to make a profit in the market fluctuations. And I am doing this.
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.