XAUUSD: The rise is not over yet, 2740 is not the top
Updated
Yesterday, our strategy of waiting for the 2720-2725 area to stabilize before buying was still correct. Although the gold price hit a low of 2714, it continued to rebound and reached a high of 2738. We bought near 2720 yesterday and have taken profits today.
From the 1H chart, we can see that the decline in gold prices yesterday touched the rising trend line of 2715. As time goes by, the price of the trend line will gradually rise. The 2720-2725 area is where the next trend line is located. Therefore, my thinking today will continue to follow yesterday's trading method. If the gold price falls back to the 2720-2725 area again, I will buy long orders again, with the target at 2750.
From the 1H chart, we can see that the decline in gold prices yesterday touched the rising trend line of 2715. As time goes by, the price of the trend line will gradually rise. The 2720-2725 area is where the next trend line is located. Therefore, my thinking today will continue to follow yesterday's trading method. If the gold price falls back to the 2720-2725 area again, I will buy long orders again, with the target at 2750.
Trade active
The price of gold has now reached the historical high of 2740 again. Observe the resistance of this line. If it breaks, the price will test 2750. If it fails to break, it may retreat to the 2720-2725 area again.Trade active
Now the resistance of 2740 has been broken. If nothing unexpected happens, the price of gold will test 2750.Trade active
The price of gold has finally fallen. Now we need to see the support of 2725-2720. If it can hold, the price of gold may rebound.
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