Last week, the market was closed and adjusted over the weekend, and the overall sentiment focused on the safe-haven properties of gold. As concerns about the U.S. debt crisis intensified and the dollar's credibility came under pressure, gold became the first choice for global funds to avoid risks, and prices continued to rise. The current U.S. dollar index hit a three-year low and lacked effective support, which further strengthened the logic of gold's rise.
Technically, the gold daily level showed a continuous rise in large positive lines, and the 1-hour moving average system maintained a golden cross upward bullish arrangement, indicating that the bulls were strong. In the Asian session, the gold price once again set a new record high of $3,376. As the gold price continued to rise, the risk of chasing highs was gradually increasing. At present, the market sentiment is biased towards bulls, but after the continuous rise in gold prices, the correction may expand accordingly. At present, the upper resistance is at 3380-3385, and the lower support is at 3353-3347. In terms of operation, it is recommended to mainly do long callbacks, supplemented by rebounds from high altitudes.
Operation strategy 1: Sell in the range: 3388-3383, SL: 3400, TP: 3370-3360.
Operation strategy 2: Buy in the range: 3355-3350, SL: 3344, TP: 3375-3385.
Technically, the gold daily level showed a continuous rise in large positive lines, and the 1-hour moving average system maintained a golden cross upward bullish arrangement, indicating that the bulls were strong. In the Asian session, the gold price once again set a new record high of $3,376. As the gold price continued to rise, the risk of chasing highs was gradually increasing. At present, the market sentiment is biased towards bulls, but after the continuous rise in gold prices, the correction may expand accordingly. At present, the upper resistance is at 3380-3385, and the lower support is at 3353-3347. In terms of operation, it is recommended to mainly do long callbacks, supplemented by rebounds from high altitudes.
Operation strategy 1: Sell in the range: 3388-3383, SL: 3400, TP: 3370-3360.
Operation strategy 2: Buy in the range: 3355-3350, SL: 3344, TP: 3375-3385.
Trade active
Gold is falling as I predicted and if you followed the morning signals you would have made a profit of 80pips now Note
Reached the target area +150pips 🎯Note
Gold has a bullish trend on the weekly and daily lines. The daily line has been rising continuously since April 19, and the rise has accelerated. The bulls are strong. In the short term, from the perspective of 4 hours and 1 hour, the KDJ indicator has entered the overbought zone, and there is a need for a short-term correction! Although the relative strength index (RSI) is still severely overbought and is currently close to 75.50, technical indicators show that despite the risk of a short-term correction, the upward momentum of gold prices is still strong. If gold pulls back, the price of gold may challenge the low of $3381 in the European session. Once it falls below this level, $3357 may play a supporting role. Personal prediction: mainly buy high and buy low. GOLD watershed: $3381Operation suggestion: sell in batches in the 3405/3415 range, defend above 3425, and consider buying in the target 3362/3355 range!
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✅Daily analysis and strategies
✅ Free Signals check out my Telegram group: t.me/GoldenView_analysis
✅ Free Signals check out my Telegram group: t.me/GoldenView_analysis
Related publications
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.