XAUUSD: Can the rebound last? Where to enter
Updated
Yesterday, when most people in the market were still bearish, I clearly pointed out that gold had a bottom divergence pattern and bought in the 2605-2615 area. Friends who followed the copy signal made a lot of profit!
The most important data this week are yesterday's CPI and initial jobless claims data. Among them, the CPI data all exceeded expectations. The data did not meet expectations, which was bearish at first glance, but you can analyze it yourself. You can compare the previous value with the published value, which is bullish for gold. In addition, the number of initial and continued unemployment claims rose sharply at the same time, reflecting the signs of weakness in the US job market.
The trend of gold prices also fell to the 2605 support level after the data was released, and then rose rapidly. The current highest price is 2647 US dollars.
From the chart, the current support area is in the 2624-2630 area, and the upper resistance is near 2653, which is also the 0.618 position of the Fibonacci retracement.
Now the price is running at 2637. When the price runs between the support and resistance, everyone knows that I will not participate because the risk is relatively large.
Therefore, today I will give you two options for your reference, and I will implement them when the time comes.
The first option is to wait for a pullback to the 2624-2630 support area and buy bullishly. The upper target is 2640-2645 first, followed by 2660-2670
The second option is to choose to short near 2653, with the target of 2630-2624, followed by 2605
Whichever one arrives first, I will resolutely implement it, and I think the possibility of the second one is not great, so I am more optimistic about the first option, and what about you?
The most important data this week are yesterday's CPI and initial jobless claims data. Among them, the CPI data all exceeded expectations. The data did not meet expectations, which was bearish at first glance, but you can analyze it yourself. You can compare the previous value with the published value, which is bullish for gold. In addition, the number of initial and continued unemployment claims rose sharply at the same time, reflecting the signs of weakness in the US job market.
The trend of gold prices also fell to the 2605 support level after the data was released, and then rose rapidly. The current highest price is 2647 US dollars.
From the chart, the current support area is in the 2624-2630 area, and the upper resistance is near 2653, which is also the 0.618 position of the Fibonacci retracement.
Now the price is running at 2637. When the price runs between the support and resistance, everyone knows that I will not participate because the risk is relatively large.
Therefore, today I will give you two options for your reference, and I will implement them when the time comes.
The first option is to wait for a pullback to the 2624-2630 support area and buy bullishly. The upper target is 2640-2645 first, followed by 2660-2670
The second option is to choose to short near 2653, with the target of 2630-2624, followed by 2605
Whichever one arrives first, I will resolutely implement it, and I think the possibility of the second one is not great, so I am more optimistic about the first option, and what about you?
Trade active
After a continuous rise, the gold price has touched the upper pressure area of 2653, and I have entered the short position.Trade active
Gold broke through the resistance of 2653, now we are looking at 2660, followed by 2670Trade active
At present, it seems that the resistance of 2660 is still relatively strong. The price of gold has stopped rising here. If the K line can close the negative line this hour, it may be the beginning of the decline.Trade active
As predicted before, the gold price stopped rising at 2660, and started a continuous downward trend after the hourly line closed with a negative line, so I planned to hold the position overnight.
If you want to get my thoughts on gold as soon as possible, welcome to join my channel
📣Free channel: t.me/Antony_TP
⚜️Copy Trading Contact me: t.me/AntonyTP
📣Free channel: t.me/Antony_TP
⚜️Copy Trading Contact me: t.me/AntonyTP
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