Gold technical analysis breaks through lateral pressure to establish short-term bulls, pay attention to the opportunity to go long after stepping on the retracement
Yesterday, the gold market showed a strong pattern of first suppression and then rise: the price tested the key lateral pressure level of 3272 in the early Asian and European sessions and then fell back, but then broke through the resistance strongly during the European session, opening a unilateral upward mode, and finally the daily line closed at 3333 with a big positive line, confirming that the short-term downward trend has come to an end.
Key breakthrough signal: The gold price has effectively broken through the lateral pressure line since the decline of 3500 (yesterday's high of 3272), and the technical form has formed a "downward trend line breakthrough", suggesting that the short-term momentum is exhausted and the bulls have begun to dominate the short-term trend.
Monday's closing stood firmly above 3330, showing strong buying power, and it is expected to continue the upward trend in the future to test the upper track of the daily Bollinger near 3500.
Moving average system: The short-term moving average (5/10 days) is golden cross upward, the MACD indicator red column is large, and the daily cycle enters the bull channel.
1-hour cycle:
The moving average is in a bullish arrangement (MA5 crosses MA20 to form a golden cross). After jumping up 40 US dollars in the early trading, there has been no obvious correction, but we need to be vigilant about the need for technical correction.
Support area: 3285-3300 is the bottom line for bulls (breakthrough conversion support + moving average adhesion), 3320-3330 is the first intervention range for the Asian and European sessions.
Pressure area: 3385-3400 is the previous high dense resistance zone, and short selling can be tried for the first time.
Data impact:
The expected impact of the US trade account data in the evening is limited, and the market may focus more on the technical trend.
Today's operation strategy
Bull plan:
Entry point: Go long in the 3320-3330 area, and defend below 3315.
Target point: 3350-3360 (short-term), after breaking through, you can hold and look at 3385-3400.
Short plan:
Rebound to 3390-3400, try short with a light position, stop loss 3405, target 3350-3340 (contrarian orders require strict risk control).
V. Risk Warning
If the price directly breaks through 3400, be alert to the invalidation of short orders and switch to follow-up long positions.
If the price unexpectedly falls below the 3315 support during the day, the short-term long structure will be destroyed and the trend needs to be re-evaluated.
Conclusion: Gold turns bullish in the short term technical aspect. The operation is mainly based on the retracement of low longs, supplemented by short shorts at key pressure levels. Positions need to be adjusted flexibly in combination with intraday momentum.
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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.