Can gold continue last week's rally? Will it be another flash in the pan? In early Asian trading on Monday, gold rose to 3370 before falling slightly to around 3345 and currently fluctuating around 3360.
On Monday, focus on the 3340-3335 area. This was support before last Friday's rebound, and it also served as a key resistance level that has now become a support point. After last week's strong performance, don't rush into buying. Wait for a pullback to confirm the trend, or for an upward breakout in the European session before considering entering the market before the US market opens. In volatile markets, try to control the pace and avoid frequent in-and-out moves.
The 4-hour chart shows that gold is currently facing resistance near 3370, but this strong upward move is likely to correct in the European session, preparing for a subsequent secondary rally. This period has been range-bound, not a strong, one-way trend. Even if bullish, don't chase the market; wait for confirmation after a pullback before taking action.
Quaid believes that support today lies in the 3340-3335 range. A pullback near this area is a good opportunity to go long. The early Asian session's surge is a continuation of last Friday's bullish trend. The 3340-3335 area served as support before Friday's final rally and a key level for top-to-bottom reversals. If the price breaks through 3370 and stabilizes above it, it could potentially reach 3375-3385. However, after reaching the high, Quaid believes a pullback is highly likely, with a focus on the 3330-3310 area.
Trading Strategy:
Go long near 3330, stop-loss at 3320, and profit range at 3360-3370.
Short near 3375, stop-loss at 3385, and profit range at 3330-3320-3310.
On Monday, focus on the 3340-3335 area. This was support before last Friday's rebound, and it also served as a key resistance level that has now become a support point. After last week's strong performance, don't rush into buying. Wait for a pullback to confirm the trend, or for an upward breakout in the European session before considering entering the market before the US market opens. In volatile markets, try to control the pace and avoid frequent in-and-out moves.
The 4-hour chart shows that gold is currently facing resistance near 3370, but this strong upward move is likely to correct in the European session, preparing for a subsequent secondary rally. This period has been range-bound, not a strong, one-way trend. Even if bullish, don't chase the market; wait for confirmation after a pullback before taking action.
Quaid believes that support today lies in the 3340-3335 range. A pullback near this area is a good opportunity to go long. The early Asian session's surge is a continuation of last Friday's bullish trend. The 3340-3335 area served as support before Friday's final rally and a key level for top-to-bottom reversals. If the price breaks through 3370 and stabilizes above it, it could potentially reach 3375-3385. However, after reaching the high, Quaid believes a pullback is highly likely, with a focus on the 3330-3310 area.
Trading Strategy:
Go long near 3330, stop-loss at 3320, and profit range at 3360-3370.
Short near 3375, stop-loss at 3385, and profit range at 3330-3320-3310.
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.
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.
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.
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.