Gold has a bottom divergence, buy at the low today
Updated
The US dollar continued to rise this week and has now risen to a two-month high. Gold also fell for the sixth consecutive trading day yesterday, and the lowest point of 2605 was tested many times, but it still did not fall below.
Therefore, from the current trend, it is not possible to continue to short, because the support of the 2605 line is very strong, and after the precipitation of the past few days, the short-selling force has also weakened a lot.
At the same time, it can be seen from the figure that the price trend is falling, but the MACD indicator is continuing to strengthen, which obviously forms a bottom divergence pattern, which is a bullish signal.
From the 1H chart, the upper suppression point is in the 2630-2640 area, and the lower support is 2605-2615.
So today's trading strategy is to buy in the support area and target the upper resistance area
Therefore, from the current trend, it is not possible to continue to short, because the support of the 2605 line is very strong, and after the precipitation of the past few days, the short-selling force has also weakened a lot.
At the same time, it can be seen from the figure that the price trend is falling, but the MACD indicator is continuing to strengthen, which obviously forms a bottom divergence pattern, which is a bullish signal.
From the 1H chart, the upper suppression point is in the 2630-2640 area, and the lower support is 2605-2615.
So today's trading strategy is to buy in the support area and target the upper resistance area
Trade active
Although the CPI data just released is not in line with market expectations and is considered bearish for gold, the actual released value is bullish for gold compared with the previous value. Coupled with the sharp increase in the number of initial jobless claims, this has brought a very good positive to gold.
Therefore, gold rose rapidly after a brief decline, which just gave us the opportunity to enter the market or even increase our positions
Next, we need to observe the resistance in the 2625 area. If we can break through, we can see the target at 2640
Trade active
Very good, the resistance level of 2625 has been effectively broken. Continue to hold and wait for the rise. Conservative friends can also close the position at 2630Trade closed: target reached
Judging from the current gold price trend and the closing of the 1H chart, there is a downward trend now. I will no longer insist on it. I will close the position now to lock in the profit and wait for new opportunities.
The profit this time is not bad. Whether you buy at 2615 or 2605, the profit margin is very good. Congratulations to friends who follow the strategy.
If you want to know my trading strategy and update the trading details every day, you can enter my channel below to get it
Trade active
The price of gold is indeed continuing to fall. Fortunately, we closed the position in advance and locked in the profit. We are now waiting for a drop. If it still cannot fall below 2605, then you can consider buying here.
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