XAUUSD: Buy on dip, target previous high and 2500
From the 1H chart of gold, the current price is still above the trend line. Yesterday's bottoming action did not break the trend line, but stepped back to the support of the previous high of 2450 and then rose again.
My view remains unchanged. If the trend line is not broken, we will continue to be bullish. As long as it falls back, we can buy at the position.
It should be noted that the historical high of 2482 has not been broken twice, and there is indeed some selling pressure. Therefore, we can be conservative and set the target at 2480.
If the gold price still cannot break through the historical high next, we can change the strategy and sell near 2482.
My view remains unchanged. If the trend line is not broken, we will continue to be bullish. As long as it falls back, we can buy at the position.
It should be noted that the historical high of 2482 has not been broken twice, and there is indeed some selling pressure. Therefore, we can be conservative and set the target at 2480.
If the gold price still cannot break through the historical high next, we can change the strategy and sell near 2482.
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.