Technically, the daily chart, four-hour chart, and hourly chart of gold maintain a volatile downward bearish structure. At present, the daily MA10/7-day moving average opens downward at the high level of 3060, and the MA5-day moving average opens downward and moves down to 3017. The RSI indicator runs below the 50 value of the middle axis.
The price of the short-term four-hour chart is below the MA10-day moving average, and the price keeps running in the middle and lower track of the Bollinger Band channel. Gold keeps volatile downward, and the trading idea remains unchanged, mainly selling at high rebounds. Resistance 3020/3036, support 2968/2956.
The recent market fluctuations are very large, which is also in line with the characteristics of gold. When all assets are sold, the safe-haven property of the currency is highlighted. The sharp drop is accompanied by a fierce rebound, and the amplitude is not small. This is the case on Thursday, Friday and today. The current market fluctuates by tens of dollars every day. It is an opportunity but also a big risk. If the panic sentiment does not subside, this will be the norm. What retail investors can do is to believe in the power of the trend and do a good job of risk control. The current market situation is defined as a volatile market, so you need to find the right entry point. Today, the resistance of gold is to sell in the pressure area of 3020-30.
Key points:
First support: 2968, second support: 2956, third support: 2942
First resistance: 3005, second resistance: 3020, third resistance: 3030
Operation ideas:
Buy: 2953-2956, SL: 2945, TP: 2970-2980;
Sell: 3014-3016, SL: 3024, TP: 2990-2980;
The price of the short-term four-hour chart is below the MA10-day moving average, and the price keeps running in the middle and lower track of the Bollinger Band channel. Gold keeps volatile downward, and the trading idea remains unchanged, mainly selling at high rebounds. Resistance 3020/3036, support 2968/2956.
The recent market fluctuations are very large, which is also in line with the characteristics of gold. When all assets are sold, the safe-haven property of the currency is highlighted. The sharp drop is accompanied by a fierce rebound, and the amplitude is not small. This is the case on Thursday, Friday and today. The current market fluctuates by tens of dollars every day. It is an opportunity but also a big risk. If the panic sentiment does not subside, this will be the norm. What retail investors can do is to believe in the power of the trend and do a good job of risk control. The current market situation is defined as a volatile market, so you need to find the right entry point. Today, the resistance of gold is to sell in the pressure area of 3020-30.
Key points:
First support: 2968, second support: 2956, third support: 2942
First resistance: 3005, second resistance: 3020, third resistance: 3030
Operation ideas:
Buy: 2953-2956, SL: 2945, TP: 2970-2980;
Sell: 3014-3016, SL: 3024, TP: 2990-2980;
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The Asian market rebounded strongly, and has risen more than $60 from the lowest point of 2970. This is the recent market situation, with a big rise followed by a big fall. Since it has broken through the peak of yesterday's decline at 3020, the long target needs to be around 3038 (0.618 position of the phased decline) and 3055, the previous high point.Patiently wait for buying opportunities above 3020, and pay attention to the price reaction in the 3040~3050 range when selling.
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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.
🥇My free Telegram group(Updated daily):
t.me/JungoldAnalyst
✅Contact me
t.me/JunCopytrader
t.me/JungoldAnalyst
✅Contact me
t.me/JunCopytrader
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.