From the perspective of the intraday price action, gold exhibits the typical feature of a rapid rally after a small-cycle correction. On the daily chart, the K-line combination continues to be in a bullish arrangement, and the moving average system shows a divergent upward trend. The technical pattern conforms to the characteristics of a "stepped short squeeze", and there is a relatively high probability that the upward trend will continue in the future.
Taking into account both fundamental and technical factors, the current gold market is still in a strong pattern dominated by the bulls. In terms of the trading strategy, it is recommended to focus on going long on pullbacks. At the same time, be vigilant against the risk of short-term fluctuations triggered by an unexpectedly hawkish tone of the Federal Reserve's policy.
During the US trading session, the price of gold rose to 3,399 and then declined. It is currently quoted at 3,395. The K-line combination pattern on the 4-hour chart is bullish. There is a relatively low probability of a significant trend change on Wednesday, and it is expected to continue to rise in a volatile manner tomorrow.
The short-term support is at 3,374, and the strong support is in the range of 3,370 - 3,366. The short-term resistance is at 3,388, and the strong resistance is at 3,398. If this level is broken, the upward target can be seen at 3,410.
Regarding specific price levels, the area between 3,430 - 3,470 US dollars per ounce (the resonance resistance of the Fibonacci extension level and the previous densely traded area) needs to be closely watched on the upside. On the downside, the support zone between 3,260 - 3,250 US dollars per ounce (the double support of the bullish trend line and the round-number psychological barrier) should be closely monitored.
you are currently struggling with losses, or are unsure which of the numerous trading strategies to follow, at this moment, you can choose to observe the operations within our channel.
Trading Strategy:
buy@3375-3380
TP:3400-3430
Taking into account both fundamental and technical factors, the current gold market is still in a strong pattern dominated by the bulls. In terms of the trading strategy, it is recommended to focus on going long on pullbacks. At the same time, be vigilant against the risk of short-term fluctuations triggered by an unexpectedly hawkish tone of the Federal Reserve's policy.
During the US trading session, the price of gold rose to 3,399 and then declined. It is currently quoted at 3,395. The K-line combination pattern on the 4-hour chart is bullish. There is a relatively low probability of a significant trend change on Wednesday, and it is expected to continue to rise in a volatile manner tomorrow.
The short-term support is at 3,374, and the strong support is in the range of 3,370 - 3,366. The short-term resistance is at 3,388, and the strong resistance is at 3,398. If this level is broken, the upward target can be seen at 3,410.
Regarding specific price levels, the area between 3,430 - 3,470 US dollars per ounce (the resonance resistance of the Fibonacci extension level and the previous densely traded area) needs to be closely watched on the upside. On the downside, the support zone between 3,260 - 3,250 US dollars per ounce (the double support of the bullish trend line and the round-number psychological barrier) should be closely monitored.
you are currently struggling with losses, or are unsure which of the numerous trading strategies to follow, at this moment, you can choose to observe the operations within our channel.
Trading Strategy:
buy@3375-3380
TP:3400-3430
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You❗️CAN and ❗️SHOULD make money in trading!
t.me/+jqmDDXFtAyNhMjZk
"The Golden Key to Financial Freedom"
t.me/+jqmDDXFtAyNhMjZk
Join me, I'll guide you to PROFITABLE TRADING💵!
t.me/+jqmDDXFtAyNhMjZk
t.me/+jqmDDXFtAyNhMjZk
"The Golden Key to Financial Freedom"
t.me/+jqmDDXFtAyNhMjZk
Join me, I'll guide you to PROFITABLE TRADING💵!
t.me/+jqmDDXFtAyNhMjZk
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.