XAUUSD: The recent low has been confirmed, buy boldly
Updated
Yesterday, the price of gold bottomed out and rebounded after falling to 2473. Now the price of gold has come here again. I think the low point of this decline is likely to be here.
From the 4H chart, we can see that the range of 2470-2480 is the key resistance level that has not been broken in the previous many attacks. After breaking, it has turned into support.
At the same time, during the correction last month, it also played a key supporting role, and its support strength has been verified yesterday and just now.
In addition, the important data ADP and NFP data this week will not be released until the next two days, so it is unlikely to fall below this key support level before the data.
Trading strategy:
Since we have determined the short-term low, the choice for us is very clear. Buy in the range of 2470-2480. The first target is 2500-2505, and the second is 2520-2530.
I have bought at 2480 and added positions at 2475. Now I can wait for the rise with peace of mind.
From the 4H chart, we can see that the range of 2470-2480 is the key resistance level that has not been broken in the previous many attacks. After breaking, it has turned into support.
At the same time, during the correction last month, it also played a key supporting role, and its support strength has been verified yesterday and just now.
In addition, the important data ADP and NFP data this week will not be released until the next two days, so it is unlikely to fall below this key support level before the data.
Trading strategy:
Since we have determined the short-term low, the choice for us is very clear. Buy in the range of 2470-2480. The first target is 2500-2505, and the second is 2520-2530.
I have bought at 2480 and added positions at 2475. Now I can wait for the rise with peace of mind.
Trade active
Gold price rebounded strongly and now encounters resistance at 2490. A conservative move can be used to close the position at this point, while a more aggressive move can be used to continue holding the position and expecting a higher price.Trade active
There is indeed resistance at 2490 and I have taken profits now. Although there was no opportunity to participate in any trading on Monday or Tuesday, today's profit results are still very good. I bought at 2480. When the gold price fell to 2475, I added a position and closed it at 2489 with a profit of 8K.
It’s been a month since the end of this week, and now there are less than 8K left to reach the 100K goal. I believe that in this super golden week, there will be no problem in completing the goal.
Trade active
Just now, when the US July JOLTs job vacancies data showed a bullish trend for gold, the gold price rose rapidly, approaching the 2500 integer mark. However, the impact of the data will not last long, so you can consider selling in the 2500-2505 area.Trade active
I have already sold at 2500 points. There is a dense resistance area above 2500 points. Before the release of ADP and NFP data, the possibility of breaking is not great.Trade active
The Federal Reserve will release the Beige Book on economic conditions later. There will be some uncertainties, so we will take profits first and look for trading opportunities after the release.Trade active
The gold price broke through the resistance range of 2500-2510. Yesterday's bullish strategy was still very correct. Today we are waiting for a pullback before going bullish.
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📣Free channel: t.me/Antony_TP
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