During the European session on Friday, gold prices retreated from the all-time highs earlier this week and are currently trading around $3,034, showing a short-term profit-taking trend. The pullback in gold is mainly attributed to profit-taking and technical rebalancing, but this has also weakened the sentiment of the entire metal market. Silver is more volatile and less supported by safe-haven flows, so it has been the first to bear the brunt of the sell-off. In the medium term, as expectations of a Fed rate cut continue to heat up, coupled with support from global trade tensions and geopolitical risk factors, gold prices are still expected to maintain an upward trend.
Gold failed to continue after rising yesterday. Instead, it fell back to the 5-day moving average and then closed in a choppy manner. The daily line closed with a small negative cross line, ending the previous positive pattern. The cross line after a strong period is regarded as a correction. Today's closing is also critical. If the negative trend falls, it can continue to be weak. The short-term key support level is still mainly low and long. Today, the lower support is the 3022-25 area. The Asian market fell slightly and the bottom was slightly larger, piercing 3022 and then quickly rebounding. It is still unable to effectively break the level. Then it depends on whether the 3021 support will continue to consolidate the upward attack, or whether it will break down for a second time after rebounding and expand the adjustment. If the level is broken below 3020, you need to pay attention to the 10-day moving average support.
From the 4-hour level, the intraday market fell to 3021 and then rebounded and fluctuated near the middle track. The Bollinger Bands continued to close. At present, the upper track moved down to 3050 and the lower track moved up to 3021. From the 4-hour structure, the intraday trend was weak and volatile. The upper early high of 3047 was not broken, and the low of 3000 was broken in the evening. If it breaks 2990, the market will enter a high-level shock, and the correction will be replaced by sideways trading. Tonight, we will first observe the breakout of the 3005-3030 range. In this range, short-term operations can be carried out in high-altitude and low-multiple positions.
Strategy: 3000-3005 long, stop loss: 2990 target: 3025
Remember: take it when you see it, don’t be greedy
XAUUSD GOLD1! GOLD
Gold failed to continue after rising yesterday. Instead, it fell back to the 5-day moving average and then closed in a choppy manner. The daily line closed with a small negative cross line, ending the previous positive pattern. The cross line after a strong period is regarded as a correction. Today's closing is also critical. If the negative trend falls, it can continue to be weak. The short-term key support level is still mainly low and long. Today, the lower support is the 3022-25 area. The Asian market fell slightly and the bottom was slightly larger, piercing 3022 and then quickly rebounding. It is still unable to effectively break the level. Then it depends on whether the 3021 support will continue to consolidate the upward attack, or whether it will break down for a second time after rebounding and expand the adjustment. If the level is broken below 3020, you need to pay attention to the 10-day moving average support.
From the 4-hour level, the intraday market fell to 3021 and then rebounded and fluctuated near the middle track. The Bollinger Bands continued to close. At present, the upper track moved down to 3050 and the lower track moved up to 3021. From the 4-hour structure, the intraday trend was weak and volatile. The upper early high of 3047 was not broken, and the low of 3000 was broken in the evening. If it breaks 2990, the market will enter a high-level shock, and the correction will be replaced by sideways trading. Tonight, we will first observe the breakout of the 3005-3030 range. In this range, short-term operations can be carried out in high-altitude and low-multiple positions.
Strategy: 3000-3005 long, stop loss: 2990 target: 3025
Remember: take it when you see it, don’t be greedy
XAUUSD GOLD1! GOLD 
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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.
Continuously release precise trading plans to lead members to expand profits, with a stable profit of 988% every month. If you have not made a profit yet, then join us. t.me/fahsufnwks
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.