Gold needs to be wary of resistance near $3,420
Today, gold broke through the shock range strongly, quickly rose from $3,330 to $3,386, and then fell back to around $3,350.
The first buying and chasing point will be formed near the 3,350 point we mentioned yesterday.
European session: The price climbed to $3385 again, failing to break through the previous high and maintaining high fluctuations, with signs of bullish absorption.
Technical analysis:
Key resistance and support levels:
Current resistance: $3,400-3,420
Support: $3,350 (0.5 Fibonacci level)
Watershed: $3,325 (trend strength and weakness watershed)
4-hour chart: high sideways, target above 3,400 and 3,420; if under pressure, it will continue to accumulate momentum, and the trend will weaken if it falls below 3,350-3,320.
Operation strategy:
Direction: Mainly long at low levels, pay attention to the momentum of the second rise of US stocks.
Entry point:
Bulls: Intervene with light positions near 3370, stop loss set below 3350
Breakthrough to chase long: If the price stands above 3385, you can increase your position with the target of 3400-3420.
Summary: Gold will maintain a volatile bullish pattern in the short term. As long as the price is above 3370, try to adopt a low-price long strategy.
Near target 3400-3420
There is a high probability that gold prices will test pressure in the range near 3420, and there may be a large retracement.
Care needs to be taken to avoid risks.
Today, gold broke through the shock range strongly, quickly rose from $3,330 to $3,386, and then fell back to around $3,350.
The first buying and chasing point will be formed near the 3,350 point we mentioned yesterday.
European session: The price climbed to $3385 again, failing to break through the previous high and maintaining high fluctuations, with signs of bullish absorption.
Technical analysis:
Key resistance and support levels:
Current resistance: $3,400-3,420
Support: $3,350 (0.5 Fibonacci level)
Watershed: $3,325 (trend strength and weakness watershed)
4-hour chart: high sideways, target above 3,400 and 3,420; if under pressure, it will continue to accumulate momentum, and the trend will weaken if it falls below 3,350-3,320.
Operation strategy:
Direction: Mainly long at low levels, pay attention to the momentum of the second rise of US stocks.
Entry point:
Bulls: Intervene with light positions near 3370, stop loss set below 3350
Breakthrough to chase long: If the price stands above 3385, you can increase your position with the target of 3400-3420.
Summary: Gold will maintain a volatile bullish pattern in the short term. As long as the price is above 3370, try to adopt a low-price long strategy.
Near target 3400-3420
There is a high probability that gold prices will test pressure in the range near 3420, and there may be a large retracement.
Care needs to be taken to avoid risks.
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Disclaimer
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Free signal: t.me/+o41UC5o15H8zNTcx
Professional trader
love life
enjoy trading
create wealth
Professional trader
love life
enjoy trading
create wealth
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.