Gold rose again yesterday as a hedge. After hitting the bottom, gold quickly formed a deep V. Gold should follow the trend and go long in the Asian session today. We never do dead longs or dead shorts. Since the gold bulls have begun to fight back and formed a strong deep V, the gold bulls are even better.
Gold 1-hour deep V reversal, gold 1-hour moving average also began to turn upward, so the strength of gold shorts has weakened, and gold bulls are expected to start to exert their strength. Gold 3285 is the key position for the turning point between long and short. If gold falls back to 3285 in the Asian session without breaking, it can continue to go long. If gold falls below 3285, then gold will start to fluctuate in a large range again. If it does not break, it will still fluctuate upward.
The market changes rapidly. Since the gold bulls have begun to exert their strength, the short-term will follow the pace of the bulls. Whether the gold bulls can go to the next level, we will wait and see.
Gold strategy:
Buy range: 3290-3288, SL: 3278, TP: 3310-3320
Sell range: 3338-3340, SL: 3350, TP: 3320-3310
Key points:
First support: 3290, second support: 3280, third support: 3270
First resistance: 3330, second resistance: 3340, third resistance: 3350
Share my views for free every day
Gold 1-hour deep V reversal, gold 1-hour moving average also began to turn upward, so the strength of gold shorts has weakened, and gold bulls are expected to start to exert their strength. Gold 3285 is the key position for the turning point between long and short. If gold falls back to 3285 in the Asian session without breaking, it can continue to go long. If gold falls below 3285, then gold will start to fluctuate in a large range again. If it does not break, it will still fluctuate upward.
The market changes rapidly. Since the gold bulls have begun to exert their strength, the short-term will follow the pace of the bulls. Whether the gold bulls can go to the next level, we will wait and see.
Gold strategy:
Buy range: 3290-3288, SL: 3278, TP: 3310-3320
Sell range: 3338-3340, SL: 3350, TP: 3320-3310
Key points:
First support: 3290, second support: 3280, third support: 3270
First resistance: 3330, second resistance: 3340, third resistance: 3350
Share my views for free every day
Note
Gold is supported and prices are rising Note
News: Spot gold maintained its intraday decline, and the current gold price is trading around 3297. Today, we will focus on the annual and monthly rates of the US core PCE price index in April, the monthly rate of US personal spending in April, the Chicago PMI in May, the final value of the University of Michigan Consumer Confidence Index in May, and the final value of the US one-year inflation rate expectations in May.Technical: Gold prices bottomed out and rebounded yesterday, and the daily line closed with a long lower shadow. From the daily level, the continuous negative turn to positive stabilized above the Bollinger middle track again, and the stochastic indicator was blunted. With the rebound of gold prices, the green short momentum has weakened. KDJ also showed signs of repair after experiencing a high-level dead cross. The 4-hour Bollinger band showed a narrowing pattern, and the moving average system will usher in a downward correction in the short term. The key support position below in the short term is the 3280 support band, and the 3260-3245 line will be seen if it falls below; the important pressure position is around 3330; the breakthrough is around 3365-3396! Comprehensive analysis: My personal suggestion for the evening is to buy at low levels as the main strategy and sell at high levels as the auxiliary strategy! GOLD watershed: $3285
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.
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.