📊Gold broke through the key resistance during the US trading session. The price continued to rise from the low of 2933 during the Asian session, breaking through the previous high of 2956 and the Fibonacci extension level of 2978 (100% level), reaching a high of 2985, with a cumulative increase of more than 40 US dollars during the day. After previously breaking through 2930, the market has turned from shock to a unilateral bullish trend, and the momentum has increased significantly.
📊Daily level: The price broke through the upper track of the 3-month shock range of 2956, confirming the trend reversal, the moving average system (5/20/60) showed a bullish divergence, and the vector energy column above the MACD zero axis expanded.
📊1-hour chart: The short-term moving average (5-EMA, 10-EMA) golden cross is stable, the Bollinger band opens upward, the RSI is overbought but no divergence is seen, and the bulls control the market.
🔴Upper resistance level: 2980-2985 (psychological level/Fibonacci expansion 161.8%), the upward target after breaking through is 3000 integer level
🟢Lower support level: 2954-2956 (previous high conversion support/Fibonacci retracement 38.2%).
✅Intraday trading strategy
🔰Go Long: The price falls back to the 2954-2956 support area and then places long orders in batches. If the price stabilizes at 2980, take advantage of the trend to add positions. The first target is 2985, and after breaking through, it will go up to 3000-3020.
🔰Go Short: Only aggressive investors can try shorting with a light position near 2985, stop loss at 2992, and target 2970-2960 (quick in and quick out).
📛Risk warning
--Strict stop loss is required for counter-trend transactions to avoid confrontation with the main trend.
--Short-term overbought conditions may trigger profit-taking. Pay attention to the bull-bear game near 2985. If the daily line closes with a long upper shadow, be alert to the risk of a pullback.
--Trading strategies are time-sensitive. We will provide real-time and accurate trading strategies based on market changes. Please stay tuned.
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.
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.