✅Gold trend on Friday showed a "roller coaster" fluctuation, fluctuating downward in the Asia-Europe session, and rebounded rapidly after a second dip to around 3340 in the US session. The daily line finally closed with a cross K-line with upper and lower shadows, indicating that the divergence between long and short positions has intensified.
✅In terms of news, the US military dropped six bunker-buster bombs on Iran's Fordow nuclear facility on Saturday. If the news is true, it means that the United States may formally intervene in the Iran-Israel conflict, and the situation in the Middle East may further escalate. Gold is expected to open higher on Monday next week due to risk aversion.
✅Technical analysis:
The oscillating trend for several consecutive days shows that the market is digesting the resonance of news and technical structure. The cross star pattern closed on Friday, reflecting the balance of power between long and short positions, but considering that the support below is still strong, if there is a fundamental catalyst in the future, it may usher in a directional breakthrough. The support below focuses on the 3350-3355 area, and the resistance above focuses on the 3385-3395 area.
✅From the hourly chart, gold formed a small double bottom structure near 3340, and the European session fell back to form a low point. The US session fell again but failed to break, and then rebounded and strengthened, forming a typical double bottom pattern. If the neckline of 3360 is effectively broken in the future market, the double bottom will be established, and the target can be seen in the 3380-3390 area.
✅The current 3360 line is the short-term long-short watershed. If the price holds the 3340-3342 support area during the retracement, it can be regarded as a short-term stabilization signal. If the Asian session rises strongly next Monday, you can choose to go long after the US and European sessions fall back.
🔴Upper resistance: 3385-3395
🟢Lower support: 3350-3355
✅Long order strategy:
🔰If the Asian session opens directly high and rises, you can wait for the US and European sessions to fall back to the 3355-3345 range to arrange long orders, with the stop loss below 3340 and the target at 3365-3385;
🔰If the price directly breaks through 3360 and stabilizes, you can aggressively chase longs, with the target above 3390.
✅Short order strategy:
🔰If gold approaches the 3385-3395 area and there is an obvious stagflation signal, you can short with a light position, with the target back to 3360-3355 and the stop loss above 3398.
✅In terms of news, the US military dropped six bunker-buster bombs on Iran's Fordow nuclear facility on Saturday. If the news is true, it means that the United States may formally intervene in the Iran-Israel conflict, and the situation in the Middle East may further escalate. Gold is expected to open higher on Monday next week due to risk aversion.
✅Technical analysis:
The oscillating trend for several consecutive days shows that the market is digesting the resonance of news and technical structure. The cross star pattern closed on Friday, reflecting the balance of power between long and short positions, but considering that the support below is still strong, if there is a fundamental catalyst in the future, it may usher in a directional breakthrough. The support below focuses on the 3350-3355 area, and the resistance above focuses on the 3385-3395 area.
✅From the hourly chart, gold formed a small double bottom structure near 3340, and the European session fell back to form a low point. The US session fell again but failed to break, and then rebounded and strengthened, forming a typical double bottom pattern. If the neckline of 3360 is effectively broken in the future market, the double bottom will be established, and the target can be seen in the 3380-3390 area.
✅The current 3360 line is the short-term long-short watershed. If the price holds the 3340-3342 support area during the retracement, it can be regarded as a short-term stabilization signal. If the Asian session rises strongly next Monday, you can choose to go long after the US and European sessions fall back.
🔴Upper resistance: 3385-3395
🟢Lower support: 3350-3355
✅Long order strategy:
🔰If the Asian session opens directly high and rises, you can wait for the US and European sessions to fall back to the 3355-3345 range to arrange long orders, with the stop loss below 3340 and the target at 3365-3385;
🔰If the price directly breaks through 3360 and stabilizes, you can aggressively chase longs, with the target above 3390.
✅Short order strategy:
🔰If gold approaches the 3385-3395 area and there is an obvious stagflation signal, you can short with a light position, with the target back to 3360-3355 and the stop loss above 3398.
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.