Long-term trend of gold
Weekly level: The overall bullish structure is not broken, and the current pullback is regarded as a technical correction. The key support level is $3260. After breaking through 3500, the target is $3750 (golden ratio extension level). Long-term investors can hold existing long positions and increase their positions after the pullback stabilizes.
Short-term trend
Weekly signal: Last week, a small negative line with a long upper shadow (similar to a shooting star) was closed, indicating high-level selling pressure. The weekly level adjustment may continue, and the space below may be further opened.
Daily level: The upward momentum weakened and entered the stage of shock pullback. It is necessary to pay attention to the repair of indicators.
4-hour structure:
Wave type division: 3500→3260 is a wave A decline; 3260→3372 is a wave B rebound; if 3372 confirms the high point of wave B, the downward target of wave C will fall below 3260, looking at 3245 (top and bottom conversion position) and 3230 (50% retracement position).
Key data and operation strategies
Focus this week: US employment data (JOLTS, ADP, non-farm, etc.), which may exacerbate market volatility.
Daily operation:
Resistance level: 3302-3315 area, you can try shorting if it rebounds to this area.
Support level: 3260 (if it breaks, look down to 3245-3230), you can arrange long orders when it touches 3230 for the first time.
Risk warning: If it continues to be under pressure below 3300 before the European session, it may continue to be weak before the US session.
Conclusion: The medium- and long-term bullish logic remains unchanged, but the short-term technical side is bearish, and it is necessary to wait for the bullish signal after the correction is in place.
Weekly level: The overall bullish structure is not broken, and the current pullback is regarded as a technical correction. The key support level is $3260. After breaking through 3500, the target is $3750 (golden ratio extension level). Long-term investors can hold existing long positions and increase their positions after the pullback stabilizes.
Short-term trend
Weekly signal: Last week, a small negative line with a long upper shadow (similar to a shooting star) was closed, indicating high-level selling pressure. The weekly level adjustment may continue, and the space below may be further opened.
Daily level: The upward momentum weakened and entered the stage of shock pullback. It is necessary to pay attention to the repair of indicators.
4-hour structure:
Wave type division: 3500→3260 is a wave A decline; 3260→3372 is a wave B rebound; if 3372 confirms the high point of wave B, the downward target of wave C will fall below 3260, looking at 3245 (top and bottom conversion position) and 3230 (50% retracement position).
Key data and operation strategies
Focus this week: US employment data (JOLTS, ADP, non-farm, etc.), which may exacerbate market volatility.
Daily operation:
Resistance level: 3302-3315 area, you can try shorting if it rebounds to this area.
Support level: 3260 (if it breaks, look down to 3245-3230), you can arrange long orders when it touches 3230 for the first time.
Risk warning: If it continues to be under pressure below 3300 before the European session, it may continue to be weak before the US session.
Conclusion: The medium- and long-term bullish logic remains unchanged, but the short-term technical side is bearish, and it is necessary to wait for the bullish signal after the correction is in place.
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.