Gold opened slightly higher yesterday at 3319, and then pulled up strongly at 3314 to fill the gap. It reached a high of 3345 and then fell back strongly. The daily line reached a low of 3279 and finally closed at 3294 with a long upper shadow. The long-short watershed is 3280 today, which means that only by breaking 3280 can the decline be opened. At the same time, the intraday moving averages are staggered and there is no unilateral rise for the time being. The current support is concentrated at 3280, the short-term pressure is in the 3325 area, and the mid-line is at 3355. So today's operation is very simple. Sell aggressively when approaching 3325. The main selling is concentrated at 3350 mid-line layout. The Asian session stabilizes at 3286. If it goes long, it will be today's low. If the market falls below 3286 again, first look at the low point of 3279 last night. Once it effectively breaks below 3275, it should not be able to stop looking at 3270. Today, we will not see a big rise or fall for the time being, and tend to fluctuate as the main trend.
From the hourly chart, the gold market quickly broke through the 3345 resistance area in the early stage and then quickly fell back. The overall volatility space temporarily maintains two intervals, one is the 3350-3320 high and the 3320-3280 low. Yesterday, the white plate tested the upper 3345 area and then retreated. This is a strong signal of reaching the top! It indicates a correction and callback to the previous stage increase, but the overall pattern is still a wide range of fluctuations! From the short-term trend, the slow decline and retracement of gold was reversed by a positive line. The short-selling force is fierce, but the strength of the long pullback is not weak. The daily K-level price currently seems to have a five-wave callback. Even if it really follows this situation, there is no problem with the price going long today to confirm the top. At present, both short-term long and short positions can be arranged.
On the whole, the short-term operation strategy of gold today is recommended to rebound and sell as the main, and the callback is supplemented by long. The short-term focus on the 3345-3350 resistance line on the upper side and the short-term focus on the 3280-3285 support line on the lower side.
Gold strategy:
Buy range: 3290-3285, SL: 3280, 3310-3320
Sell range: 3330-3335, SL: 3340, 3315-3305
Key points:
First support: 3290, second support: 3285, third support: 3275
First resistance: 3330, second resistance: 3335, third resistance: 3345
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From the hourly chart, the gold market quickly broke through the 3345 resistance area in the early stage and then quickly fell back. The overall volatility space temporarily maintains two intervals, one is the 3350-3320 high and the 3320-3280 low. Yesterday, the white plate tested the upper 3345 area and then retreated. This is a strong signal of reaching the top! It indicates a correction and callback to the previous stage increase, but the overall pattern is still a wide range of fluctuations! From the short-term trend, the slow decline and retracement of gold was reversed by a positive line. The short-selling force is fierce, but the strength of the long pullback is not weak. The daily K-level price currently seems to have a five-wave callback. Even if it really follows this situation, there is no problem with the price going long today to confirm the top. At present, both short-term long and short positions can be arranged.
On the whole, the short-term operation strategy of gold today is recommended to rebound and sell as the main, and the callback is supplemented by long. The short-term focus on the 3345-3350 resistance line on the upper side and the short-term focus on the 3280-3285 support line on the lower side.
Gold strategy:
Buy range: 3290-3285, SL: 3280, 3310-3320
Sell range: 3330-3335, SL: 3340, 3315-3305
Key points:
First support: 3290, second support: 3285, third support: 3275
First resistance: 3330, second resistance: 3335, third resistance: 3345
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Note
There are opportunities for both buyers and sellers today. Note
The gold selling strategy has been profitable, welcome to check my work Note
News: Gold prices attracted new buyers on Friday, still close to the two-week high hit on Thursday. U.S. fiscal concerns, U.S.-China trade tensions and geopolitical risks support gold prices. Fed rate cut bets weigh on the dollar and support the prospect of further gains in gold. There are relatively few economic data on this trading day. Pay attention to the total annualized total of U.S. new home sales in April after seasonal adjustment. Continue to pay attention to the speeches of Fed officials and pay attention to news related to geopolitical and international trade situations.Technical: Gold prices continued to rebound from the bottom last week this week, stopped falling and rebounded, and returned to above the 5-week moving average. The bullish force strengthened again, and the Bollinger Bands also opened upward. The bulls have the upper hand, and the market is expected to hit the $3,400 and $3,500 targets again. The 5/10-week moving average below turns to bullish support. From the 4-hour chart, there is no sign that gold will fall further. At the same time, technical indicators fell, but the downward force was limited, but they remained above the midline. The short-term important pressure position is around 3345; if it breaks, it will go up to around 3372-3390; the key support position below is the support band of 3320; if it breaks, it will go down to 3315-3310! Comprehensive analysis: It is expected to be in the range of 3315-3275 in the evening. I personally recommend buying at low levels! GOLD watershed: 3320
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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.