Gold, short-term gains weekly support
Updated
Gold daily level, got support at 1938 and failed to effectively break 1942 position, 1942 position is also the importance of 1942-44 position as we mentioned on Friday.
The overall downward trend has not changed and the market is still biased to the downside. The current key support is around the 100-day SMA at 1934.68. The support of the two-month low reached on March 22 is also around this position, and if the support position is lost, the market will see further downside signals, and then the next support position needs to refer to the March 17 low at 1918.
Support for the 61.8% retracement of the 1804-2079 rally is around 1909.33, followed by support around the 1900 round number mark.
Points to note here, though:
Gold is currently supported at the weekly line, and this is what we mentioned on Friday
"Gold, supported at the weekly line". This support 1933 is relatively strong and the KDJ has also issued a short term oversold signal. Gold prices have started a short term rally and if it can stabilize at 1857, it will weaken the bearish signal in the market afterwards. Further resistance will be near the 1968 position, is also the H4 hourly MA52 average position.
And need to pay attention to Wednesday's high resistance position near 1985.13, if the unexpected recovery of the position, it will increase the bullish signal after the market.
Gold H4 hours now local again in the support level near 1940 recorded hammer line pattern and the follow-up recorded five spindle line was oscillating upward, so the short term we can regard the market as 1940-1958 box oscillation, range operation to obtain space.
Gold operation strategy:
Below the concern, the support position near 1940, if not effective downward breakthrough, the market will rise further to the H1 hourly chart MA52 average position near 1951. If you can continue to rise, and on the 1951 position, look upward to the 1968 resistance position.
Attention above: 1951 position of resistance, if you can not effectively break through the 1951 position, downward continue to focus on the 1940-1936 position of support. If it can effectively break through the 1933 position, continue to look downward near the 1918 position.
The overall downward trend has not changed and the market is still biased to the downside. The current key support is around the 100-day SMA at 1934.68. The support of the two-month low reached on March 22 is also around this position, and if the support position is lost, the market will see further downside signals, and then the next support position needs to refer to the March 17 low at 1918.
Support for the 61.8% retracement of the 1804-2079 rally is around 1909.33, followed by support around the 1900 round number mark.
Points to note here, though:
Gold is currently supported at the weekly line, and this is what we mentioned on Friday
"Gold, supported at the weekly line". This support 1933 is relatively strong and the KDJ has also issued a short term oversold signal. Gold prices have started a short term rally and if it can stabilize at 1857, it will weaken the bearish signal in the market afterwards. Further resistance will be near the 1968 position, is also the H4 hourly MA52 average position.
And need to pay attention to Wednesday's high resistance position near 1985.13, if the unexpected recovery of the position, it will increase the bullish signal after the market.
Gold H4 hours now local again in the support level near 1940 recorded hammer line pattern and the follow-up recorded five spindle line was oscillating upward, so the short term we can regard the market as 1940-1958 box oscillation, range operation to obtain space.
Gold operation strategy:
Below the concern, the support position near 1940, if not effective downward breakthrough, the market will rise further to the H1 hourly chart MA52 average position near 1951. If you can continue to rise, and on the 1951 position, look upward to the 1968 resistance position.
Attention above: 1951 position of resistance, if you can not effectively break through the 1951 position, downward continue to focus on the 1940-1936 position of support. If it can effectively break through the 1933 position, continue to look downward near the 1918 position.
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The 1942 position is a relatively supportive and effective position from the current point of view, and the attention to this position is very important.
It is also the 1942-44 position that we started mentioning on Friday.
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Gold is going that way as we said it would. Now it needs to keep a good eye on the MA52 SMA to see if it can effectively make a breakout. And get on the MA52 SMA position.
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A generally correct trading approach would be to make a move to reduce the position at the current position of 1948 and then wait for the MA52 SMA to stand. If it does not stand on MA52, the profit in hand will not be reduced. If the MA52 is on, then you can continue up to see the new resistance position.Trade active
The MA52 SMA is not in place. The market is retracing as expected.Trade active
Now, we need to pay attention to the support position of 1940, if this position does not effectively break through, the market will have a shaky trend.Trade active
Market quotes in the 1940 position again support, the market and will be the second time up to attack the resistance position of 1951, if the breakthrough above the position of the market will further reach the 1955-60 position near.Trade active
As I said, the market started to go range-bound after getting support at 1940. It is still below or focusing on the 1940 position.Trade active
100%Trade active
It ended today and was very much in line with our strategy. We'll continue tomorrow and you can follow me.Trade closed: target reached
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We'll continue to post updated strategies tomorrow, so you can follow me if you need to. So as not to miss the first strategy.Trade active
As we said today, the market will proceed down without breaking the 1963 level. And we offer a good learning opportunity to everyone, giving a good explanation of why the market is good.
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