After this bottoming out and rebound, will gold continue to rise sharply and reach new highs?
I personally think that the possibility of reaching a new high today is not high, unless there is good news or good data.
From the daily chart, gold is rising rapidly, and it is undoubtedly still a strong bull market, but from the hourly chart, the previous high area is a suppression resistance area. If it cannot stand on 2820 in one fell swoop, the possibility of a correction is very high, and the first support area to be considered is 2770-2780. There is a 20-30$ correction space from the current price.
Therefore, my view is to look at the correction in the short term and continue to be bullish in the long term.
In the short term, we can observe the 2810-2820 area. If this bottoming out and rebound cannot break through here, we can short in this range, with the target of 2780-2770. If this rise directly and effectively breaks through the resistance of 2820, this strategy will be invalid.
I personally think that the possibility of reaching a new high today is not high, unless there is good news or good data.
From the daily chart, gold is rising rapidly, and it is undoubtedly still a strong bull market, but from the hourly chart, the previous high area is a suppression resistance area. If it cannot stand on 2820 in one fell swoop, the possibility of a correction is very high, and the first support area to be considered is 2770-2780. There is a 20-30$ correction space from the current price.
Therefore, my view is to look at the correction in the short term and continue to be bullish in the long term.
In the short term, we can observe the 2810-2820 area. If this bottoming out and rebound cannot break through here, we can short in this range, with the target of 2780-2770. If this rise directly and effectively breaks through the resistance of 2820, this strategy will be invalid.
Order cancelled
Gold rose by $20 in the short term, breaking through the resistance and setting a new high again. This strategy is invalid.
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📣More detailed real-time trading strategies will be released in the channel, welcome to join and get them
🟢Join the free Telegram group:
t.me/Reliable_Trading0
🟡Contact me to copy trading:
t.me/Reliable_Trading1
🟢Join the free Telegram group:
t.me/Reliable_Trading0
🟡Contact me to copy trading:
t.me/Reliable_Trading1
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.