Yesterday, the overall gold price showed a high-level box-shaped oscillation trend. After opening lower in the morning, it rebounded and successfully recovered some of the losses. However, the 3245 line is still a strong pressure point above, limiting the room for price increases. Although a saturated large positive column was formed on the daily chart on Friday, the gold price failed to continue the previous upward trend. Instead, it fluctuated widely in the range of 3195 to 3245, and the rebound high point gradually declined, showing the hesitation and fatigue of the market.
Technical analysis:
Daily level: Yesterday's closing formed a small negative column, and the negative column closed inside the large positive column entity, forming a typical pregnant line pattern. This pattern is often regarded as a bearish signal, indicating that the market may have a correction or reversal. Therefore, if the gold price fails to break through the 3245 pressure level, it is still recommended to adopt a rebound shorting strategy in the short term.
4-hour level: From the 4-hour chart, there is an obvious pressure trend line above the gold price, and it still shows a certain rebound demand. The 5-day moving average below provides support. If the gold price falls below the 10-day moving average, the rebound trend may continue in the short term, indicating that the bulls still have further room to rise.
Hourly line level: In the hourly line chart, the gold price is in the oscillation range of the upper track of the Bollinger Band, and the 3235 line has become an obvious pressure point. Combined with the 4-hour trend, the hourly line also shows the demand for rebound, so when it is close to 3235, you can consider selling. The support level below is 3200. If the price pulls back to this level, you can consider long positions at the right time.
Operation strategy:
3240 line short position: If the gold price rebounds to around 3240, you can consider shorting, with the target range of 3220 to 3200, and focus on the downward support.
3220 line long position: If the gold price pulls back to around 3220, you can consider trying to go long, with the target at 3220. Pay close attention to the strength of the support level when operating.
In summary, the current gold price is in a period of overall consolidation and the market is in a fierce competition between long and short positions. In the short term, it is recommended to adopt a rebound shorting strategy, but it is necessary to flexibly respond to market changes after breaking through the pressure level, reasonably set stop loss and take profit, and avoid excessive pursuit of rising and falling prices.
Technical analysis:
Daily level: Yesterday's closing formed a small negative column, and the negative column closed inside the large positive column entity, forming a typical pregnant line pattern. This pattern is often regarded as a bearish signal, indicating that the market may have a correction or reversal. Therefore, if the gold price fails to break through the 3245 pressure level, it is still recommended to adopt a rebound shorting strategy in the short term.
4-hour level: From the 4-hour chart, there is an obvious pressure trend line above the gold price, and it still shows a certain rebound demand. The 5-day moving average below provides support. If the gold price falls below the 10-day moving average, the rebound trend may continue in the short term, indicating that the bulls still have further room to rise.
Hourly line level: In the hourly line chart, the gold price is in the oscillation range of the upper track of the Bollinger Band, and the 3235 line has become an obvious pressure point. Combined with the 4-hour trend, the hourly line also shows the demand for rebound, so when it is close to 3235, you can consider selling. The support level below is 3200. If the price pulls back to this level, you can consider long positions at the right time.
Operation strategy:
3240 line short position: If the gold price rebounds to around 3240, you can consider shorting, with the target range of 3220 to 3200, and focus on the downward support.
3220 line long position: If the gold price pulls back to around 3220, you can consider trying to go long, with the target at 3220. Pay close attention to the strength of the support level when operating.
In summary, the current gold price is in a period of overall consolidation and the market is in a fierce competition between long and short positions. In the short term, it is recommended to adopt a rebound shorting strategy, but it is necessary to flexibly respond to market changes after breaking through the pressure level, reasonably set stop loss and take profit, and avoid excessive pursuit of rising and falling prices.
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.