The core contradiction of the current gold market lies in the dual drive of risk aversion demand and policy expectations. Based on the fundamental and technical signals, spot gold is still in a bull-dominated upward cycle in the short term, but we need to be vigilant about marginal changes in market sentiment.
Last Friday, it hit a high of 3085 and then fell back, and the US market fluctuated in the range of 3066-3085. If it falls below 3066, the short-term bullish trend may end.
At present, the gold price has fallen slightly after breaking through the previous high of 3127.76, but it is still in an upward channel. The Asian session opened high and filled the gap and then went up. The European session was blocked at the high of 3128, and the US session dived to 3099.
The weekly, daily, and H4 cycles are all in a very strong state, with no signs of decline, and the upward momentum is strong.
The cyclical bullish trend continues, and it is necessary to wait for the daily line to peak or continuous decline signals before considering the callback space.
Key support and resistance:
Trend support point: around 3000, breaking through may trigger a long-short conversion.
The dividing line between strength and weakness: 3065. If it holds, it will maintain absolute strength. If it breaks down, the short-term bullish trend will end.
Suggestion: Long orders can be arranged near 3096 (61.8% retracement position between 3076 and 3128), stop loss at 3095, and target 3128 breakthrough.
Conclusion: Gold will maintain strength in the short term, but it is necessary to pay attention to the gains and losses of key points and the impact of data, and flexibly adjust trading strategies.
Last Friday, it hit a high of 3085 and then fell back, and the US market fluctuated in the range of 3066-3085. If it falls below 3066, the short-term bullish trend may end.
At present, the gold price has fallen slightly after breaking through the previous high of 3127.76, but it is still in an upward channel. The Asian session opened high and filled the gap and then went up. The European session was blocked at the high of 3128, and the US session dived to 3099.
The weekly, daily, and H4 cycles are all in a very strong state, with no signs of decline, and the upward momentum is strong.
The cyclical bullish trend continues, and it is necessary to wait for the daily line to peak or continuous decline signals before considering the callback space.
Key support and resistance:
Trend support point: around 3000, breaking through may trigger a long-short conversion.
The dividing line between strength and weakness: 3065. If it holds, it will maintain absolute strength. If it breaks down, the short-term bullish trend will end.
Suggestion: Long orders can be arranged near 3096 (61.8% retracement position between 3076 and 3128), stop loss at 3095, and target 3128 breakthrough.
Conclusion: Gold will maintain strength in the short term, but it is necessary to pay attention to the gains and losses of key points and the impact of data, and flexibly adjust trading strategies.
Trade active
The US market closed strongly and broke through and rose again in the Asian market. The overall trend is still strong. If it stabilizes above 3127, the price is expected to hit the 3150-3145 area.In terms of trend, the first support area yesterday formed a new support point. In terms of operation, it can rely on 3116-3113 to participate in low-long.
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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.