Analysis of the latest gold trend:
Gold prices fell 0.7% last Friday due to the strengthening of the US dollar and profit-taking, and once hit the 3,000 integer mark during the session. However, geopolitical and economic uncertainties linger, and coupled with the expectation of the Fed's interest rate cut, gold prices are still supported by bargain hunting and safe-haven buying. Last Friday, gold prices closed at around $3,023.04/ounce, up 1.17% on a weekly basis, the third consecutive week of gains.
Last week, gold formed a head and shoulders top as expected and began to fall. The theoretical target of the head and shoulders top, 3,000, has been reached. With the weekly closing higher, it means that the bulls have not been released yet, and there is still upward momentum this week. From the daily gold chart, the market will next test the support of the 10-day moving average of 2995 and the middle track of 2952, and the bottom will continue to be bullish with the support of the 10-day moving average and the middle track. After the two negative lines at the current high level, be wary of the counterattack of the sun and build a "resistance line in front of the sun" pattern, which will repeatedly sweep the market and attract bulls again, so this is expected to become a staged top signal!
At the 4-hour level, after the market rose to the 3057 line, long positions took profits, and the market ran a downward trend, with the lowest price reaching the 2999 line. The current decline is just a correction to the previous rise. After the correction, it continues to be bullish. Last Friday, the market fell sharply and then bottomed out and rebounded, and rebounded in the late trading. As for whether the correction is over; from the perspective of the pattern, this wave of falling K-line runs a continuous Yin decline and double Yang correction to continue to fall. Next, we need to pay attention to whether the market will rebound three consecutive Yang to restart the rise, or turn to Yin to continue to fall. Overall, our professional and senior gold analyst team recommends rebounding shorting as the main strategy for gold short-term operation today, and callback longing as the auxiliary strategy. The short-term focus on the upper side is the 3035-3040 line of resistance, and the short-term focus on the lower side is the 3005-2995 line of support.
Trade active
Technical analysis of gold:
From the technical point of view, gold has retreated for three consecutive days, which is somewhat special in the previous crazy continuous rise. Usually, the negative line in the daily continuous rise, as long as the European session is resistant to the decline, sell short before the US session, and the watershed morning high point, usually the US session will rely on the previous day's low point to make a watershed stop loss, and according to the technical form, the rhythm of the daily line is destroyed. Whether it can bottom out and rebound today still needs to be observed! Today, the gold price opened near the short-term moving average MA10, and the short-term moving average MA5 began to turn downward. After yesterday's market surged, it was blocked near the MA5 moving average and began to fall. Today, we need to focus on the resistance formed by the MA5 moving average. If the gold price falls below yesterday's low of 3002, then we can continue to follow the short trend and look down. Focus on the pressure level of 3033 at the end of yesterday's trading, and participate in short orders during the day at this position.
The gold 4-hour chart relies on the middle track of the Bollinger Bands to rebound. The middle track is the point of distinguishing short-term strength and weakness. In the trend of adjustment, the weakness is below the middle track. It is also a point of distinction, combined with the hourly chart above. In the step-down shock, although the rebound yesterday was slightly higher than the 3033 line, it was still running below the second highest point of 3038 as a whole, a complete step adjustment trend. The second highest point is not lost, the trend is not changed, and today's operation relies on the 3033 high point as a defense to continue to follow the trend and look for a decline. The low point of 2020-2026 is still a resistance point. Rebound to around 2030-2033 to see if there is an opportunity to short, stop loss at 3040, and target 3010-3000 to reduce the position and then keep the bottom position to see if it will break below 3000. The space depends on the shape. As long as it closes at a low level, the adjustment space will be further deepened the next day. Taken together, today's short-term gold operation ideas, our professional and senior gold analyst team recommends to focus on rebound short selling, supplemented by callback long selling. The top short-term focus is on the 3033-3038 first-line resistance, and the bottom short-term focus is on the 3010-3005 first-line support.
Trade closed: target reached
Latest gold trend analysis:
Upper resistance: 3035-3038 → look at 3045-3050 after breakthrough
Lower support: 3015-3018→ Strong support 3005-3010
Operation strategy:
Go long on callbacks at low levels (main idea)
Entry area: 3005-3010 (Stabilization signal: Hourly chart closing positive/KD golden cross)
Target: 3035-3045 (reduce positions in batches), if it breaks through, hold to 3050
Stop loss: below 3003 (to prevent false breaks)
Shorting on rebound (auxiliary strategy)
Timing of entry: 3036-3038 is under pressure (hourly chart stagflation/RSI overbought)
Target: 3020-3015 (short-term retracement)
Stop loss: above 3042
technical logic
4-hour level: After the moving average is repaired, the bulls are initially arranged, but 3035 is the key long-short watershed and needs to be broken through to confirm the continuation of the trend. 1 hour level: The bottom deviates from the support and rebounds, but if the US market does not rise above 3038 for the second time, it may form a short top and fall back. Daily shock tone: avoid chasing orders, and prioritize range trading (3005-3045).
Risk warning
If it falls below 3005, it may drop to 2990-2985 (daily support), and long orders need to strictly stop losses. If it breaks through 3045, short orders will be temporarily suspended, and long orders will be followed up after the retracement to 3030 (trend turns strong).
Summary: Gold is currently in a stage of strong volatility. It is recommended to focus on low and long positions, supplemented by high altitudes, strictly control risks, and pay attention to US market data and changes in market sentiment.
💥Free gold trading signals: t.me/+OJSbWQ6F4KM2Mzk1
🏆Strategy guidance
💰Analysis layout
🥇Market tracking
💹In-depth analysis, accurate prediction, grasp the pulse of the gold market, if you like my ideas, please follow and forward
🏆Strategy guidance
💰Analysis layout
🥇Market tracking
💹In-depth analysis, accurate prediction, grasp the pulse of the gold market, if you like my ideas, please follow and forward
Related publications
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.
💥Free gold trading signals: t.me/+OJSbWQ6F4KM2Mzk1
🏆Strategy guidance
💰Analysis layout
🥇Market tracking
💹In-depth analysis, accurate prediction, grasp the pulse of the gold market, if you like my ideas, please follow and forward
🏆Strategy guidance
💰Analysis layout
🥇Market tracking
💹In-depth analysis, accurate prediction, grasp the pulse of the gold market, if you like my ideas, please follow and forward
Related publications
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.