Gold rebounds and rises
Yesterday, the price of gold rose rapidly after the opening, and entered a small sideways consolidation during the European session. The US session also lacked obvious fluctuations, and the overall market was relatively calm. However, the price of gold broke through yesterday's high in the morning, continuing the trend of the previous trading day. The current price has rebounded to the 618 position of the retracement last Friday, which is around 2916.
Last week, gold encountered strong selling pressure twice in the 2940-2942 area, resulting in a sharp correction. Although the price of gold achieved eight consecutive positives last week, the long upper shadow line left behind suggests that the short-selling force is gradually accumulating. For the shorts, if the price fails to break through the 2880-2875 support area, there is still a chance of rebound.
The 2880-2875 area is still the key support area for the bulls to rebound. If the shorts want to completely reverse the trend, they need to break through this support area, and may test the lower support level of 2865-2850.
The key resistance above is concentrated in the 2916-2920 area. If the gold price breaks through this resistance, it means that the bulls may continue to push up to the historical high of 2940-2942, or even further challenge the 2958-2965 area, and then test the 3000 mark.
Intraday Trading strategy:
GOLD SELL: 2916-2920
TP1: 2900
TP2: 2895
TP3: 2890 OPEN~
GOLD BUY: 2890-2893
TP1: 2900
TP2: 2910
TP3: 2915 OPEN~
Last week, gold encountered strong selling pressure twice in the 2940-2942 area, resulting in a sharp correction. Although the price of gold achieved eight consecutive positives last week, the long upper shadow line left behind suggests that the short-selling force is gradually accumulating. For the shorts, if the price fails to break through the 2880-2875 support area, there is still a chance of rebound.
The 2880-2875 area is still the key support area for the bulls to rebound. If the shorts want to completely reverse the trend, they need to break through this support area, and may test the lower support level of 2865-2850.
The key resistance above is concentrated in the 2916-2920 area. If the gold price breaks through this resistance, it means that the bulls may continue to push up to the historical high of 2940-2942, or even further challenge the 2958-2965 area, and then test the 3000 mark.
Intraday Trading strategy:
GOLD SELL: 2916-2920
TP1: 2900
TP2: 2895
TP3: 2890 OPEN~
GOLD BUY: 2890-2893
TP1: 2900
TP2: 2910
TP3: 2915 OPEN~
Note
All goals are accomplished, let’s cheer
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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.
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.