Gold Spot / U.S. DollarUpdated Go long on Friday's low gold price --- target range: 2725-2790
Go long on Friday's low gold price --- target range: 2725-2790
During the European session on Friday (January 17), precious metals remained strong. US retail sales data fell short of expectations, and the number of initial jobless claims unexpectedly rose, putting pressure on the US dollar and boosting gold and silver.
Spot gold recently traded at $2,710.
Technical data on the daily chart supports further gains in gold.
Gold prices continued to rise, breaking through the moving averages, and the bullish 20-day simple moving average (SMA) and 100-day SMA both converged near $2,643/oz, both gaining upward momentum.
At the same time, technical indicators continued to rise within positive levels, and there is still room for continued gains in future trading days.
In the short term, according to the 4-hour chart, gold prices are overbought, but the upward momentum has not shown signs of exhaustion.
The 20-period SMA is accelerating upwards at a level far below the current gold price, while the 100-period SMA is about to cross the 200-period SMA, both of which are far below the aforementioned short-term moving averages.
Finally, the technical indicators have partially lost their positive momentum, but continue to move upward despite the extreme levels they have developed.
The important resistance level for gold prices is around $2,725/oz. If the rebound breaks through this level, gold prices will target the historical highs in the $2,790/oz area.
As shown in the figure
Intraday strategy low long:
Buy: 2,690--2,705
Stop loss: 2,680
Take profit: 2,715--2,790
I will still provide specific strategies in due course below the article
If you also benefit from my article, please leave me a message
Thank you
During the European session on Friday (January 17), precious metals remained strong. US retail sales data fell short of expectations, and the number of initial jobless claims unexpectedly rose, putting pressure on the US dollar and boosting gold and silver.
Spot gold recently traded at $2,710.
Technical data on the daily chart supports further gains in gold.
Gold prices continued to rise, breaking through the moving averages, and the bullish 20-day simple moving average (SMA) and 100-day SMA both converged near $2,643/oz, both gaining upward momentum.
At the same time, technical indicators continued to rise within positive levels, and there is still room for continued gains in future trading days.
In the short term, according to the 4-hour chart, gold prices are overbought, but the upward momentum has not shown signs of exhaustion.
The 20-period SMA is accelerating upwards at a level far below the current gold price, while the 100-period SMA is about to cross the 200-period SMA, both of which are far below the aforementioned short-term moving averages.
Finally, the technical indicators have partially lost their positive momentum, but continue to move upward despite the extreme levels they have developed.
The important resistance level for gold prices is around $2,725/oz. If the rebound breaks through this level, gold prices will target the historical highs in the $2,790/oz area.
As shown in the figure
Intraday strategy low long:
Buy: 2,690--2,705
Stop loss: 2,680
Take profit: 2,715--2,790
I will still provide specific strategies in due course below the article
If you also benefit from my article, please leave me a message
Thank you
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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.
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.