Last Friday, influenced by both the evening market sentiment and capital flows, gold had a relatively high probability of rising overall. However, after the release of the PCE inflation data, the market reaction was poor as the data was bearish.
Gold failed to directly break through the previous high and reach a new peak. It was evident that the gold price did not hold firm above 3086, dropping rapidly after touching that level twice. Thus, one should not blindly chase long positions. If the gold price breaks below 3060, a genuine adjustment may ensue.
Overall, for tomorrow's short-term trading of gold, the trading approach should mainly involve going long on pullbacks and be supplemented by selling short on rebounds. In the short term, closely monitor the resistance level at the 3095-3100 range on the upside, and the support level at the 3070-3065 range on the downside.
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Gold failed to directly break through the previous high and reach a new peak. It was evident that the gold price did not hold firm above 3086, dropping rapidly after touching that level twice. Thus, one should not blindly chase long positions. If the gold price breaks below 3060, a genuine adjustment may ensue.
Overall, for tomorrow's short-term trading of gold, the trading approach should mainly involve going long on pullbacks and be supplemented by selling short on rebounds. In the short term, closely monitor the resistance level at the 3095-3100 range on the upside, and the support level at the 3070-3065 range on the downside.
Get daily trading signals that ensure continuous profits! With an astonishing 90% accuracy rate, I'm the record - holder of an 800% monthly return. Click the link below the article to obtain accurate signals now!
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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.