Today's short-term support for gold is between 2973 and 2975. This price range is supported by a small double bottom structure and may become a support area in the short term. The mid-term support is near 2956, which coincides with the 10-week moving average. This is a key support area. If it falls below it, it may trigger further declines.
Short-term resistance is near 3013, which is in line with the 61.8% Fibonacci retracement level. If this resistance is broken, there may be further rises.
The key long-short conversion level is 3015. Breaking through this level may mean that the market trend turns to long. 3055 is the previous high position. Breaking through this level is expected to confirm the trend reversal.
Technical indicators:
Weekly MACD: The red column is shrinking, indicating that the upward momentum of the trend is weakening and the risk of adjustment is increasing.
Daily KD indicator: It has entered the oversold area, which means that the market may rebound or consolidate.
Momentum indicator: The 4-hour RSI rebounded to 45, indicating that the market momentum has recovered in the short term and there may be opportunities for a short-term rebound.
Bollinger Bands: The Bollinger Bands on the hourly chart are closing and flat, reflecting that market volatility is weakening and the possibility of shock consolidation is increasing.
Trading strategy:
Long layout:
Ideal entry range: 2973-2975 (small double bottom structure).
Stop loss setting: below 2965, avoid falling below the support level.
Target level:
Target 1: 3000 (psychological barrier).
Target 2: 3015 (key resistance level).
Target 3: 3055 (previous high breakthrough).
Short opportunity:
Short-term short selling: near 3013 (61.8% retracement level).
Stop loss setting: above 3018, avoid breaking through key resistance.
Target level:
Target 1: 2995 (short-term support).
Target 2: 2975 (structural support).
Breakthrough strategy:
After standing firm at 3015, you can consider light positions to chase long positions.
If it breaks through 3055, you can add more positions to go long.
Operation tips:
Time management: Observe the support of 2975 in the Asian session, pay attention to the resistance of 3013 in the European session, and pay attention to the breakthrough opportunities in the US session.
Position control: The initial position does not exceed 3%, and you can increase the position by 2% after breaking through the key position.
Risk control: The single loss is controlled within 1% of the principal, and a moving stop loss protection is adopted.
Focus:
The adjustment range at the weekly level, and the trend changes of the US dollar index.
Market risk sentiment fluctuations, especially the impact of global economic or market changes on gold prices.
Changes in institutional positions, which may affect the trend of the market.
Short-term resistance is near 3013, which is in line with the 61.8% Fibonacci retracement level. If this resistance is broken, there may be further rises.
The key long-short conversion level is 3015. Breaking through this level may mean that the market trend turns to long. 3055 is the previous high position. Breaking through this level is expected to confirm the trend reversal.
Technical indicators:
Weekly MACD: The red column is shrinking, indicating that the upward momentum of the trend is weakening and the risk of adjustment is increasing.
Daily KD indicator: It has entered the oversold area, which means that the market may rebound or consolidate.
Momentum indicator: The 4-hour RSI rebounded to 45, indicating that the market momentum has recovered in the short term and there may be opportunities for a short-term rebound.
Bollinger Bands: The Bollinger Bands on the hourly chart are closing and flat, reflecting that market volatility is weakening and the possibility of shock consolidation is increasing.
Trading strategy:
Long layout:
Ideal entry range: 2973-2975 (small double bottom structure).
Stop loss setting: below 2965, avoid falling below the support level.
Target level:
Target 1: 3000 (psychological barrier).
Target 2: 3015 (key resistance level).
Target 3: 3055 (previous high breakthrough).
Short opportunity:
Short-term short selling: near 3013 (61.8% retracement level).
Stop loss setting: above 3018, avoid breaking through key resistance.
Target level:
Target 1: 2995 (short-term support).
Target 2: 2975 (structural support).
Breakthrough strategy:
After standing firm at 3015, you can consider light positions to chase long positions.
If it breaks through 3055, you can add more positions to go long.
Operation tips:
Time management: Observe the support of 2975 in the Asian session, pay attention to the resistance of 3013 in the European session, and pay attention to the breakthrough opportunities in the US session.
Position control: The initial position does not exceed 3%, and you can increase the position by 2% after breaking through the key position.
Risk control: The single loss is controlled within 1% of the principal, and a moving stop loss protection is adopted.
Focus:
The adjustment range at the weekly level, and the trend changes of the US dollar index.
Market risk sentiment fluctuations, especially the impact of global economic or market changes on gold prices.
Changes in institutional positions, which may affect the trend of the market.
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.
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.