Today, the Asian and weekly market returned to the starting point of last Friday, 3252, and then fell again. The short-term market entered a repeated shock market and stabilized at 3200 again. The daily line just stood on the 60-day moving average and rose. The previous weakness has now turned into strength, which just made its Bollinger band close. On this basis, this week is expected to rise in a strong position or stabilize above the middle track of Bollinger. Therefore, the bullish basis is obvious, and the upper side can be seen to 3280.
Gold bottomed out and rebounded at the 4-hour level. At present, we can see that there are obvious bottoming signals below. There is still a lot of room for rising, but before breaking 3280, it is difficult for gold to rise unilaterally. Therefore, although it is bullish this week, it is viewed in two stages. Below 3280 is a shock rise, and above 3280 is a unilateral rise. Therefore, when trading, you must pay attention to the difference between short-term and medium- and long-term. For short-term operation, do not chase long positions if the Asian session opens high. You can short near the upper track of the 4-hour session. The support below is 3205-3200. Consider buying when the Asian and European sessions fall back to these two points. Pay attention to the break of 3252 above and then look at the 3265~3280 range.
Overall, today's short-term operation strategy for gold is to buy on pullbacks and short on rebounds. The short-term focus on the upper resistance of 3258-3260 is the first line, and the short-term focus on the lower support of 3205-3200 is the first line.
Gold strategy:
Buy range: 3205-3200, SL: 3195, TP: 3235-3255
Sell range: 3258-3260, L: 3265, TP: 3220-3200
Key resistance and support:
First support: 3205, second support: 3200, third support: 3190
First resistance: 3260, second resistance: 3265, third resistance: 3275
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Gold bottomed out and rebounded at the 4-hour level. At present, we can see that there are obvious bottoming signals below. There is still a lot of room for rising, but before breaking 3280, it is difficult for gold to rise unilaterally. Therefore, although it is bullish this week, it is viewed in two stages. Below 3280 is a shock rise, and above 3280 is a unilateral rise. Therefore, when trading, you must pay attention to the difference between short-term and medium- and long-term. For short-term operation, do not chase long positions if the Asian session opens high. You can short near the upper track of the 4-hour session. The support below is 3205-3200. Consider buying when the Asian and European sessions fall back to these two points. Pay attention to the break of 3252 above and then look at the 3265~3280 range.
Overall, today's short-term operation strategy for gold is to buy on pullbacks and short on rebounds. The short-term focus on the upper resistance of 3258-3260 is the first line, and the short-term focus on the lower support of 3205-3200 is the first line.
Gold strategy:
Buy range: 3205-3200, SL: 3195, TP: 3235-3255
Sell range: 3258-3260, L: 3265, TP: 3220-3200
Key resistance and support:
First support: 3205, second support: 3200, third support: 3190
First resistance: 3260, second resistance: 3265, third resistance: 3275
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Note
News: On Monday (May 19) in the European session, spot gold once surged to $3249.02. Earlier, Moody's announced after the close of last Friday that it would downgrade the highest credit rating of the US government from Aaa to Aa1, and gave a "stable" outlook, citing the fact that successive governments have failed to effectively curb the high fiscal deficit. Stimulated by the rating news, the US dollar index fell slightly by 0.3%, and the market's concerns about the slowdown of the US economy and the expansion of the deficit intensified, prompting investors to increase their holdings of safe-haven assets such as gold.Technical: Last Friday was a secondary confirmation of the decline. If it does not refresh the low point, if it breaks through the 3252 position upward, it will be expected to turn strong. The gold price is currently expected to touch the support of the rising trend line and the 60-day moving average support position to rebound. Although it has not been able to further continue to rise and strengthen, the continuous collection of the bottoming pattern has strengthened the expectation of stopping the decline and bottoming out. Then the market will be in a continuous adjustment above the support of the rising trend, or it may be strengthened again by the continuous bottoming and rebounding bullish pattern. The short-term important pressure position is around 3252; if it breaks, it will go up to around 3265-3285; if it breaks through 3285 at night, the bulls will try to test the stagflation around 3300! The key support position below is the 3215 support zone; if it breaks, look down to the 3172-3166 line! Comprehensive analysis: It is expected to fluctuate in the range of 3300-3200 at night, mainly low and long! GOLD watershed: 3215 US dollars
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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.