Technically, gold failed to challenge the 3500 mark, and the daily chart formed a bearish pattern. It closed at 3380 yesterday, and opened lower in the Asian session and fell to 3312.6. Now it has recovered the gap of 3380.
At present, the price of the daily chart retreated to the MA7 daily moving average of 3320 and then rebounded to repair. The RSI indicator turned downward after continuous overbought and divergence. The monthly and weekly RSI indicators are both in the overbought area above the high 80 value.
The price of the short-term four-hour chart broke through the middle track of the rising channel Bollinger band at 3382, and the moving average formed a dead cross near 3420. The RSI indicator also turned downward after being overbought. The top pattern signal of gold appeared, and the price trend changed. The trading idea is to sell at a rebound high.
Yesterday, the bullish strength of gold was insufficient. The US market directly retreated more than 120＄ from the intraday high of 3500. The rise was as fierce as the fall. The recent fluctuations are relatively large. You must pay attention to risk control when trading. The market is always there and there will be no lack of opportunities. Please be cautious about the current market.
The 4-hour inverted V reversal, the gold 1-hour moving average also began to show signs of turning. The market is changing rapidly. Gold retreated 188＄ from 3500, so the bullish trend of gold is temporarily over.
The easing of gold risk aversion is the main reason for the decline. Gold opened directly at a low gap in the Asian session. Now after filling the gap, if gold cannot continue to rise, then the gold bears will continue to exert their strength. The current gap resistance of gold is at the 3383 line, but the current market is volatile. If the gap is filled, gold may still have momentum to repair in the short term, so you can pay attention to the suppression of the 3400 line. For the Asian session, gold can be sold first in the rebound resistance area.
Key points:
First support: 3356, second support: 3342, third support: 3323
First resistance: 3383, second resistance: 3400, third resistance: 3412
Operation ideas:
Buy: 3327-3330, SL: 3318, TP: 3350-3360;
Sell: 3397-3400, SL: 3412, TP: 3380-3370;
At present, the price of the daily chart retreated to the MA7 daily moving average of 3320 and then rebounded to repair. The RSI indicator turned downward after continuous overbought and divergence. The monthly and weekly RSI indicators are both in the overbought area above the high 80 value.
The price of the short-term four-hour chart broke through the middle track of the rising channel Bollinger band at 3382, and the moving average formed a dead cross near 3420. The RSI indicator also turned downward after being overbought. The top pattern signal of gold appeared, and the price trend changed. The trading idea is to sell at a rebound high.
Yesterday, the bullish strength of gold was insufficient. The US market directly retreated more than 120＄ from the intraday high of 3500. The rise was as fierce as the fall. The recent fluctuations are relatively large. You must pay attention to risk control when trading. The market is always there and there will be no lack of opportunities. Please be cautious about the current market.
The 4-hour inverted V reversal, the gold 1-hour moving average also began to show signs of turning. The market is changing rapidly. Gold retreated 188＄ from 3500, so the bullish trend of gold is temporarily over.
The easing of gold risk aversion is the main reason for the decline. Gold opened directly at a low gap in the Asian session. Now after filling the gap, if gold cannot continue to rise, then the gold bears will continue to exert their strength. The current gap resistance of gold is at the 3383 line, but the current market is volatile. If the gap is filled, gold may still have momentum to repair in the short term, so you can pay attention to the suppression of the 3400 line. For the Asian session, gold can be sold first in the rebound resistance area.
Key points:
First support: 3356, second support: 3342, third support: 3323
First resistance: 3383, second resistance: 3400, third resistance: 3412
Operation ideas:
Buy: 3327-3330, SL: 3318, TP: 3350-3360;
Sell: 3397-3400, SL: 3412, TP: 3380-3370;
Note
After reaching 3330, it has risen by 70pips. You can set BE to close part of the profit.Today's market is running too fast, pay attention to avoid risks
Trade active
Selling on today's downtrend was hugely profitable. As I said, it has turned into a bearish trend. 
🥇My free Telegram group(Updated daily):
t.me/JungoldAnalyst
✅Contact me
t.me/JunCopytrader
t.me/JungoldAnalyst
✅Contact me
t.me/JunCopytrader
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.
🥇My free Telegram group(Updated daily):
t.me/JungoldAnalyst
✅Contact me
t.me/JunCopytrader
t.me/JungoldAnalyst
✅Contact me
t.me/JunCopytrader
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.