It goes without saying that the bulls have the upper hand in the weekly chart. The daily chart has risen sharply, with an increase of about US$78, which is enough to reflect the strength of the bulls. In addition, the price bottomed out and rebounded yesterday. The current price is running between the upper track of the Bollinger Band and the 5-day moving average. The short-term moving average extends upward strongly, forming support at 3287 and 3315 respectively. In conjunction with the long arrangement of other periodic indicators, the daily line should tend to continue the upward trend. In terms of 4 hours, after the rise on Friday, the gold price once again effectively crossed the short-term moving average and drove the short-term moving average to run upward. Other periodic indicators are arranged in a long position. The Bollinger Band is generally upward. In addition, the macd indicator is in a golden cross shape and intends to continue to rise. The bulls have sufficient upward potential. Therefore, the 4-hour level trend indicates that the bulls may continue the upward trend.
For the support at the beginning of this week, pay attention to the 3315 area. Above this point, first look at the stabilization of 3340. If it can break through 3370, it will mean that the bulls have the momentum to hit 3380 and above. Otherwise, it may fall into a volatile trend. Since Monday is the Memorial Day in the United States, there is no US market. So I expect that above 3380, you can still choose to participate in short orders. As for resistance, pay attention to the vicinity of 3370 first, and then focus on the strong pressure around 3386. According to the current performance of gold, the former is expected to break through during the European session, while the latter has limited volatility due to the lack of US market at the beginning of the week. A stable short-term selling strategy can be carried out below 3386.
Overall, today's short-term operation strategy for gold is recommended to be mainly short-selling on rebounds, supplemented by long-selling on pullbacks. The short-term focus on the upper side is 3365-3475 resistance, and the short-term focus on the lower side is 3322-3312 support.
Gold strategy:
Buy range: 3320-3315, SL: 3310, TP: 3350-3360
Sell range: 3360-3365, SL: 3373, TP: 3340-3320
Key resistance support:
First support: 3320, second support: 3315, third support: 3305
First resistance: 3360, second resistance: 3365, third resistance: 3375
For the support at the beginning of this week, pay attention to the 3315 area. Above this point, first look at the stabilization of 3340. If it can break through 3370, it will mean that the bulls have the momentum to hit 3380 and above. Otherwise, it may fall into a volatile trend. Since Monday is the Memorial Day in the United States, there is no US market. So I expect that above 3380, you can still choose to participate in short orders. As for resistance, pay attention to the vicinity of 3370 first, and then focus on the strong pressure around 3386. According to the current performance of gold, the former is expected to break through during the European session, while the latter has limited volatility due to the lack of US market at the beginning of the week. A stable short-term selling strategy can be carried out below 3386.
Overall, today's short-term operation strategy for gold is recommended to be mainly short-selling on rebounds, supplemented by long-selling on pullbacks. The short-term focus on the upper side is 3365-3475 resistance, and the short-term focus on the lower side is 3322-3312 support.
Gold strategy:
Buy range: 3320-3315, SL: 3310, TP: 3350-3360
Sell range: 3360-3365, SL: 3373, TP: 3340-3320
Key resistance support:
First support: 3320, second support: 3315, third support: 3305
First resistance: 3360, second resistance: 3365, third resistance: 3375
Trade active
You can continue to sell high and buy low according to today's analysis. 
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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.
Related publications
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.