11.14 Analysis of short-term gold operations
Gold Technical Analysis
On the daily chart, gold is currently trading near a key trendline near $2,600. Buyers enter here with a clear risk below the trendline to position for a rally to new highs. On the other hand, sellers would like the price to break below this level to increase bearish bets, targeting the next trendline support around $2,550.
On the 4-hour chart, a stronger support around $2,600 can be seen more clearly, with the support zone formed by the previous swing low and the trendline together. There is also a downward trendline currently defining the existing bearish momentum. In the event of a pullback, sellers may use this opportunity to position to push the price below the primary trendline; while buyers will look for an upward breakout to increase bullish bets and challenge new highs.
On the 1-hour chart, there is another secondary downward trendline defining the bearish momentum in this timeframe. More aggressive sellers may position here to push the price below the primary trendline; while buyers will look for a breakout to the upside to target a pullback to the next downward trendline.
On the daily chart, gold is currently trading near a key trendline near $2,600. Buyers enter here with a clear risk below the trendline to position for a rally to new highs. On the other hand, sellers would like the price to break below this level to increase bearish bets, targeting the next trendline support around $2,550.
On the 4-hour chart, a stronger support around $2,600 can be seen more clearly, with the support zone formed by the previous swing low and the trendline together. There is also a downward trendline currently defining the existing bearish momentum. In the event of a pullback, sellers may use this opportunity to position to push the price below the primary trendline; while buyers will look for an upward breakout to increase bullish bets and challenge new highs.
On the 1-hour chart, there is another secondary downward trendline defining the bearish momentum in this timeframe. More aggressive sellers may position here to push the price below the primary trendline; while buyers will look for a breakout to the upside to target a pullback to the next downward trendline.
Trade active
SELL: 2590 Defense 2600
Target: 2580 2570
Trade closed: target reached
The first goal has been achieved and the profit is 10 points.
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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.