Gold trading strategy for Monday
Updated
✅This week, the gold market experienced a trend of low-to-low recovery, with bulls performing relatively strongly. The weekly line recorded two consecutive positive patterns, and the 2596 line temporarily stabilized, showing a certain rebound momentum from the technical side. However, the judgment of the trend next week still needs to be cautious, for the following reasons:
🔰Failed to break through the key pressure level: The bull rebound failed to test the strong pressure level of 2680, and at the same time failed to maintain the increase above 2650, which is in line with the gradual downward pressure trend of gold prices since the decline of 2726.
🔰The short-selling pattern has not been broken: Although the daily line recorded a small negative line with an upper shadow, the closing price below 2665 showed a strong suppression force, and the technical pattern still maintained a short-selling pattern. Therefore, the short-term pull-up may only be an adjustment, and the direction still needs to be inclined to the judgment of short-selling control.
🔶Weekly level analysis
The weekly line has closed positive for two consecutive weeks. This week, a small solid positive line with an upper and lower shadow line was recorded, basically forming a negative swallowing pattern. At the same time, the extension of the short-term moving average forms support. In addition, the Bollinger Bands generally move upward, which is technically beneficial to the bulls.
However, the two lines of the MACD indicator are still in the form of a dead cross downward, showing signs of heavy short selling. Therefore, the weekly line tends to rebound in the short term, and the medium-term trend is still biased towards a downward trend.
🔶Daily level analysis
After the gold price rose and fell on Friday, the current price is running above the short-term moving average and the Bollinger middle track, forming short-term support at 2630 and 2618 respectively.
The daily line indicators of various cycles are in a bullish arrangement, and the MACD double lines form a golden cross, which theoretically helps the bulls to continue.
It is necessary to be alert to the risk of the Bollinger Bands being biased downward as a whole, so the daily trend should be cautiously bullish.
🔶 4-hour level analysis
This week, the upward movement of gold prices was mainly presented in continuous small positive lines, but it fell after rising, indicating that the bulls lacked momentum.
The current price is back below the short-term moving average, and the short-term moving average forms a reverse double resistance at 2650.
The indicators of each period have turned to short positions, the Bollinger Bands are running downward as a whole, and the MACD double lines are sticking together and there are signs of a dead cross.
Therefore, it is expected that the shorts may break below 2630 at any time at the 4-hour level, and further increase the downward force.
✅Trading strategies for next week
🔰Short strategy
First, pay attention to the resistance of the 2650-2653 area above. If the rebound to this area is blocked, you can consider entering a short position.
If the 2653 resistance is broken, it is necessary to focus on the previous high resistance around 2665, which is still a strong defensive position for short-sellers.
In the operation, it is necessary to pay close attention to whether the market has strong positive news to boost it. If not, stick to shorting at high levels.
🔰Long strategy
Pay attention to the 2630 area for short-term support. If it is touched for the first time, you can try short-term long orders, and the target should not be too high.
If the 2630 support is lost, further attention will be paid to the 2620 area as the best position for short-term long positions.
However, since 2650 will become the reverse resistance, short-term long operations need to strictly control risks to avoid the market directly testing new lows.
✅Overall, the overall trend of gold next week still needs to be cautious. Although there is a rebound momentum in the short term, the weekly and 4-hour level bearish signals still dominate. It is recommended to continue to pay attention to the resistance performance of the 2650-2653 area, and mainly short after the rebound, supplemented by a short-term callback long strategy, and at the same time, it is necessary to guard against further downside risks after the support fails.
🔰Failed to break through the key pressure level: The bull rebound failed to test the strong pressure level of 2680, and at the same time failed to maintain the increase above 2650, which is in line with the gradual downward pressure trend of gold prices since the decline of 2726.
🔰The short-selling pattern has not been broken: Although the daily line recorded a small negative line with an upper shadow, the closing price below 2665 showed a strong suppression force, and the technical pattern still maintained a short-selling pattern. Therefore, the short-term pull-up may only be an adjustment, and the direction still needs to be inclined to the judgment of short-selling control.
🔶Weekly level analysis
The weekly line has closed positive for two consecutive weeks. This week, a small solid positive line with an upper and lower shadow line was recorded, basically forming a negative swallowing pattern. At the same time, the extension of the short-term moving average forms support. In addition, the Bollinger Bands generally move upward, which is technically beneficial to the bulls.
However, the two lines of the MACD indicator are still in the form of a dead cross downward, showing signs of heavy short selling. Therefore, the weekly line tends to rebound in the short term, and the medium-term trend is still biased towards a downward trend.
🔶Daily level analysis
After the gold price rose and fell on Friday, the current price is running above the short-term moving average and the Bollinger middle track, forming short-term support at 2630 and 2618 respectively.
The daily line indicators of various cycles are in a bullish arrangement, and the MACD double lines form a golden cross, which theoretically helps the bulls to continue.
It is necessary to be alert to the risk of the Bollinger Bands being biased downward as a whole, so the daily trend should be cautiously bullish.
🔶 4-hour level analysis
This week, the upward movement of gold prices was mainly presented in continuous small positive lines, but it fell after rising, indicating that the bulls lacked momentum.
The current price is back below the short-term moving average, and the short-term moving average forms a reverse double resistance at 2650.
The indicators of each period have turned to short positions, the Bollinger Bands are running downward as a whole, and the MACD double lines are sticking together and there are signs of a dead cross.
Therefore, it is expected that the shorts may break below 2630 at any time at the 4-hour level, and further increase the downward force.
✅Trading strategies for next week
🔰Short strategy
First, pay attention to the resistance of the 2650-2653 area above. If the rebound to this area is blocked, you can consider entering a short position.
If the 2653 resistance is broken, it is necessary to focus on the previous high resistance around 2665, which is still a strong defensive position for short-sellers.
In the operation, it is necessary to pay close attention to whether the market has strong positive news to boost it. If not, stick to shorting at high levels.
🔰Long strategy
Pay attention to the 2630 area for short-term support. If it is touched for the first time, you can try short-term long orders, and the target should not be too high.
If the 2630 support is lost, further attention will be paid to the 2620 area as the best position for short-term long positions.
However, since 2650 will become the reverse resistance, short-term long operations need to strictly control risks to avoid the market directly testing new lows.
✅Overall, the overall trend of gold next week still needs to be cautious. Although there is a rebound momentum in the short term, the weekly and 4-hour level bearish signals still dominate. It is recommended to continue to pay attention to the resistance performance of the 2650-2653 area, and mainly short after the rebound, supplemented by a short-term callback long strategy, and at the same time, it is necessary to guard against further downside risks after the support fails.
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✅Intraday Trading strategy:
🔶GOLD SELL: 2660-2663
🔰TP1: 2650
🔰TP2: 2640
🔰TP3: 2635 OPEN~
🔶GOLD BUY: 2635-2638
🔰TP1: 2650
🔰TP2: 2655
🔰TP3: 2660 OPEN~
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