How to break through the gold shock patternOperation suggestions
Technical analysis of gold: The current gold price is in a stalemate stage of long-short game. On the one hand, the path of the Fed's easing policy has been basically clear, and the US dollar is facing correction pressure; on the other hand, the stable global risk sentiment and the strong performance of the stock market have weakened the attractiveness of gold as a safe-haven tool. The repeated signals of global trade negotiations have also made the market direction unclear. From a technical point of view, gold has received support after the correction to the 26.3% Fibonacci retracement level near 3317 this week, and has returned to above $3,300 in the short term. The upper resistance focuses on the position of 3380. Once it breaks through, it will open up the space leading to the 3400 mark.
From the daily chart of gold, yesterday's gold price fell sharply and recorded a large real body Yin line K-line pattern. The peak pattern of the previous price high is more obvious, suggesting that the upper pressure effect is strong. The MACD indicator double line began to turn downward, increasing the risk of further correction in the short term. However, the MA5 and MA10 moving averages have not turned downward yet. You can pay attention to the support and defense of the moving average. From the 4-hour gold chart, the gold price has been fluctuating and falling since it came under pressure at the 3500 level. The current price has fallen back to the 3260 level, with a short-term decline of 240 US dollars. Although there has been a rebound during the day, the upward trend has been destroyed. The MACD indicator has issued a dead cross signal, suggesting that the correction trend may have started.
Gold fell after rising in the Asian session, and fell below the support levels of 3351 and 3330. Now the market rebounded near 3314, which is also in line with our analysis of the long and short trends. In the big trend, the gold rally did not exceed 3380, so there is still a downward demand, that is to say, it can only be regarded as a rebound during the decline. In the short term, this wave of gains stopped at 3367. Now it broke through 3351 and pierced 3316 to rebound. The main focus on the upper side is the support-to-resistance level of 51, followed by 3342. Specifically, you can wait for the area near 3345 to go short and see the gold price break the previous rebound low of 3314 to 3300. If it breaks down effectively, you can move the protection loss down to see the position of the rebound turning point of 3283 and 3260. On the whole, the short-term operation strategy of gold today is to short on rebound and long on callback. The short-term focus on the upper side is 3350-3370 resistance, and the short-term focus on the lower side is 3300-3280 support.
From the daily chart of gold, yesterday's gold price fell sharply and recorded a large real body Yin line K-line pattern. The peak pattern of the previous price high is more obvious, suggesting that the upper pressure effect is strong. The MACD indicator double line began to turn downward, increasing the risk of further correction in the short term. However, the MA5 and MA10 moving averages have not turned downward yet. You can pay attention to the support and defense of the moving average. From the 4-hour gold chart, the gold price has been fluctuating and falling since it came under pressure at the 3500 level. The current price has fallen back to the 3260 level, with a short-term decline of 240 US dollars. Although there has been a rebound during the day, the upward trend has been destroyed. The MACD indicator has issued a dead cross signal, suggesting that the correction trend may have started.
Gold fell after rising in the Asian session, and fell below the support levels of 3351 and 3330. Now the market rebounded near 3314, which is also in line with our analysis of the long and short trends. In the big trend, the gold rally did not exceed 3380, so there is still a downward demand, that is to say, it can only be regarded as a rebound during the decline. In the short term, this wave of gains stopped at 3367. Now it broke through 3351 and pierced 3316 to rebound. The main focus on the upper side is the support-to-resistance level of 51, followed by 3342. Specifically, you can wait for the area near 3345 to go short and see the gold price break the previous rebound low of 3314 to 3300. If it breaks down effectively, you can move the protection loss down to see the position of the rebound turning point of 3283 and 3260. On the whole, the short-term operation strategy of gold today is to short on rebound and long on callback. The short-term focus on the upper side is 3350-3370 resistance, and the short-term focus on the lower side is 3300-3280 support.
Trade active
From the analysis of the 4-hour line, the support below is around 3300-3310. If it falls back to this position, you can buy more first and then look for a rebound. The short-term resistance above is around 3340-3356, and the focus is on the suppression of 3360-66. The overall range of long and short fluctuations is maintained in this range. In the middle position, watch more and do less, be cautious in chasing orders, and wait patiently for key points to enter the market. I will remind you of the specific operation strategy during the trading session, so please pay attention to it in time.Gold operation strategy:
1. Short gold rebounds at 3340-46, target 3300-3310, and continue to hold if it breaks;
2. Long gold falls back to 3300-10, target 3340-45, and continue to hold if it breaks;
Trade closed: target reached
Today, the short-term support below is around 3320-25. If it falls back and stabilizes at this position during the day, we will continue to look at a rebound. The short-term resistance above is around 3385-90. If it stabilizes at the 3300 mark in the short term, we will continue to look at a second surge. Shorting requires key points to enter the market. I will remind you of the specific operation strategy during the trading session, so please pay attention to it in time.Gold operation strategy:
1. Short gold at the 3380-85 line when it rebounds, and short at the 3360-66 line when it is extremely weak, with the target at 3310-3320.
2. Go long at the 3310-3300 line when gold falls back, with the target at 3340-45 line.
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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.
For every friend who proposes cooperation, I will do my best and use my professional strength to help you make profits. I have helped many members achieve stable profits. Join the Telegram group and start your journey of making https://money.https://t.me/TP_Dani
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.