Gold closed at $3289.54/ounce on Tuesday. On Wednesday, the Asian market broke through the $3300 mark, hitting a high of more than a week at $3304.06, and then continued to rise, reaching a high of $3320 during the European session. The current gold price needs to break through the key resistance of $3370 to confirm further upside space, while $3150 has formed a solid support. If driven by geopolitical or economic data, the gold price may challenge the $3400 mark.
Technical pattern analysis
4-hour level
Trend structure: Bollinger bands open upward, moving averages are arranged in a bullish pattern, MACD golden cross and red column volume, indicating a short-term strong trend.
Key support: Short-term retracement needs to pay attention to $3273, followed by the 3265-3252 area (previous top and bottom conversion position). If the support is maintained, the long target can be seen at $3325 and $3347, and it is expected to rise to $3400 after breaking through.
Risk warning: The current K-line runs outside the upper track of the Bollinger Band, and we need to be alert to technical pullbacks.
Hourly level
Rising channel: The trend line support formed from the low point of $3120 is effective, but the rise in the European session has slowed down, showing signs of "one rise and three pullbacks", and we need to be alert to short-term long-short conversion signals.
Operation reference: The 3288 chasing long orders in the morning have fulfilled the 3315 target. After the European session broke through and pulled back, we need to pay attention to the defensive strength of the 3290-3280 support range below.
Trading strategy
Bull thinking: After stabilizing in the 3273-3265 area, go long in batches, target 3325-3347 US dollars, stop loss below 3250.
Short support: If the rebound to the 3330-3340 resistance zone is under pressure, you can try shorting with a light position, stop loss above 3350, and target 3300-3290.
Conclusion: Gold remains strong in the short-term technical aspect, but we need to be alert to the risk of high-level correction. The operation is mainly to do more on the callback, focusing on the 3290-3280 support zone and the upper resistance of 3330-3340. If it breaks through 3370, it will open up more upside space.
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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.