Gold’s pullback gives opportunity to go long
Updated
Last Friday, as weak U.S. economic data supported the possibility of the Federal Reserve cutting interest rates, the price of gold rose sharply, once rising to 2,378. Investors are paying attention to Powell's speech this week, as well as CPI data.
Gold's rise and fall are basically in place. On the one-hour line, bulls are firmly holding the key watershed of 2352, and the first support level of the moving average has now reached the 2360 line. Although the price of gold fell slightly below the moving average support level, the daily closing positive last Friday gave us a clear direction.
Gold's rise and fall are basically in place. On the one-hour line, bulls are firmly holding the key watershed of 2352, and the first support level of the moving average has now reached the 2360 line. Although the price of gold fell slightly below the moving average support level, the daily closing positive last Friday gave us a clear direction.
Note
You can place long orders near 2357, with a profit stop of 10 points and a stop loss of 10 points.Trade active
Note
Gold has stepped back to support the 2350 area. After a short-term dip, it continues to be bullish. Gold has begun to step back to the support area of the early intensive trading area in the 4-hour period. Gold has received moving average support in the 1-hour short-term, and the moving averages are still arranged with bullish golden crosses upward.Note
You can make long orders at this position of goldNote
Stop loss 2343Note
target 2365-2370
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