In the 4-hour gold cycle, gold hit a high yesterday and then fell back after encountering resistance, but finally received effective support and stabilized at the middle track of the Bollinger Bands. This signal further highlights the importance of the middle track as a watershed for long and short positions. As long as the price remains above the middle track, the strong shock pattern will not be destroyed. In addition, the 618 golden ratio line of 3317-18 has been strongly broken through and stabilized. The support level formed by the short-term 5-day moving average is near 3315. Therefore, the 3315-3318 range can be regarded as the primary support area for the day's retracement confirmation. If this support range can effectively absorb the selling pressure, the gold price is expected to continue its upward trend and impact the 786 division resistance level of 3370. It is particularly important to note that once the price breaks through the previous high of 3345, the MACD indicator will simultaneously show a top divergence signal. At this time, if the price continues to rise, we must be highly vigilant about the risk of a decline after the main force induces more buying. 
XAUUSD XAUUSD XAUUSD GOLD XAUUSD
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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.