After the breakout in the previous upward trend of gold continued. The price and the 2830 low began to form a new upward trend. After three highs in 4 hours, the price also reached the 3168 line. Subsequently, this week and the high were violently washed, and the rise and fall of both long and short positions were expanded to 100 US dollars. The current price is supported by the 3000 line, which is also the long-short dividing line formed by the rising trend line. If this position is broken, gold may fall to 2956.
The resistance of 3085 above is suppressed. If this position is broken, gold will continue the bullish trend.
Overall, although gold has been violently washed at high levels, the overall bullish trend pattern has not been broken. The operation is still based on low-multiple ideas.
Gold operation suggestions: when the price falls back to the 3000-3020 area, long orders are arranged in batches, and the stop loss is broken below 2982 as the stop loss basis. The upward targets are 3050, 3065, and the break above 3085 continues the bullish trend.
For short positions, it is recommended to participate in short-term short positions when the price rebounds to the 3060-3070 area under pressure, and use the stop loss as the basis for breaking through 3085. The downside targets are 3034, 3020, and breaking below 3000.
The resistance of 3085 above is suppressed. If this position is broken, gold will continue the bullish trend.
Overall, although gold has been violently washed at high levels, the overall bullish trend pattern has not been broken. The operation is still based on low-multiple ideas.
Gold operation suggestions: when the price falls back to the 3000-3020 area, long orders are arranged in batches, and the stop loss is broken below 2982 as the stop loss basis. The upward targets are 3050, 3065, and the break above 3085 continues the bullish trend.
For short positions, it is recommended to participate in short-term short positions when the price rebounds to the 3060-3070 area under pressure, and use the stop loss as the basis for breaking through 3085. The downside targets are 3034, 3020, and breaking below 3000.
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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.