🔥GOLD SET FOR TECHNICAL CORRECTION✅✅
Updated
Gold rose rapidly in the morning, stimulated by the news, reaching a maximum of around 2417, with an increase of about $43. However, there was a retracement later, with the lowest falling to around 2380, basically erasing the morning gains. This dynamic may be a shuffling behavior by short-term short sellers with the help of news. If the morning rise is just a release of bullish energy, then the subsequent correction may not be very large. Although the daily system is still healthy, the price has exceeded market expectations, which may trigger the release of short pressure. As the European market continues to rise strongly or resist falling, we need to wait cautiously for the US market. Today is the end of the weekly chart. In early trading, there are signs of profit-making selling by bulls. It is not advisable to chase the bulls and avoid repeating the trend of last Friday.
Although the bulls are currently strong, the Asian and European markets are still dominated by corrections, and it is not advisable to take high risks and operate against the trend.. If the bulls continue to strengthen, the support below will be difficult to reach. You can pay attention to the 5-minute K-line strength stop point to intervene in long orders, and defend at the low point of the K-line. The market is constantly changing and strategies need to be adjusted in a timely manner. Gold breaks through upward, and it is recommended to take advantage of the trend to be bullish. The 1-hour chart broke through the shock range and turned upward. If there is no support from breaking news during the day, the range may still be dominated by shocks.
Generally speaking, today's short-term operation ideas are mainly callback longs, supplemented by rebound shorts, focusing on the resistance range of 2400-2412 at the top and the support range of 2365-2375 at the bottom.
Although the bulls are currently strong, the Asian and European markets are still dominated by corrections, and it is not advisable to take high risks and operate against the trend.. If the bulls continue to strengthen, the support below will be difficult to reach. You can pay attention to the 5-minute K-line strength stop point to intervene in long orders, and defend at the low point of the K-line. The market is constantly changing and strategies need to be adjusted in a timely manner. Gold breaks through upward, and it is recommended to take advantage of the trend to be bullish. The 1-hour chart broke through the shock range and turned upward. If there is no support from breaking news during the day, the range may still be dominated by shocks.
Generally speaking, today's short-term operation ideas are mainly callback longs, supplemented by rebound shorts, focusing on the resistance range of 2400-2412 at the top and the support range of 2365-2375 at the bottom.
Note
On Friday (April 19), the U.S. dollar surged to 106.32, and gold broke through 2417, soaring by more than 40 U.S. dollars during the day. At present, the important information that the market pays attention to is the impact of the geopolitical situation. The actions of either Israel or Iran can drive the rise and fall of gold, and have a greater impact on buying sentiment. In the morning, the market released heavy news. According to the Jerusalem Post: there were explosions in Iran, Syria, and Iraq. In the early morning of Friday, explosions were heard in Isfahan in central Iran, Suweida Province in southern Syria, and Baghdad and Babylon Provinces in Iraq. Gold followed the strength of buying and went out of the room to rise. Now it is confirmed that the news is a smoke bomb. , Iran did not detect any substantive attacks. Those geopolitical risks largely offset Thursday's jobs data, which stoked concerns that the Fed still has some way to go before cutting interest rates, a view shared by many policymakers. There is no news of major concern in the market today, but it is expected that the US market will have a big trend on Friday.Note
The 1-hour cycle is generally within the 2362-2392 box shock range. Due to the sudden risk aversion, the market broke through the 2392 line at the top of the box shock. However, the market did not continue, but fell back to the box shock range again. The overall trend was Construct a break-high and reverse-fall pattern, that is, the direction of the box shock in the market outlook is the downward break position.Note
Gold rebounded after falling back to 2373 in the US market, and is now quoted at 2390; the 4H chart closed in a short position, and the market outlook continues to be bearish; short-term resistance is 2390, strong resistance 2395-2400; short-term support 2384-2378, strong support 2373-2370 ;Note
Note
Note
The upward range 2375-2400📈The profit of long orders exceeds 200+PIPS🔝
Fully in line with the expectations of our early trading analysis💯
Trade active
Note
Trade active
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.