Because the U.S. non-farm payroll report performed worse than expected, gold rebounded strongly last Friday and recovered half of its losses in one fell swoop. The bulls returned strongly. Today, after consolidating at a high level, gold continued to choose to break upward, reaching a high of around 3385.
There is no doubt that bullish forces still hold the upper hand. From a fundamental perspective, the Federal Reserve is currently facing greater pressure to cut interest rates; and it can also be clearly seen from the candlestick chart that a significant "W"-shaped double bottom structure has been constructed near 3268 and 3280, which has limited the gold's retracement space while also playing a key structural support role in the rise of gold. With the combined effects of news and technical factors, gold still has the potential to continue its upward trend. And I think there is still a great possibility that gold will test the 3400 mark again. Once gold stabilizes at 3400, it will definitely hit the 3420-3430 area.
As the center of gravity of gold gradually shifts upward, the lower support area also moves up. The current short-term support is obviously in the 3365-3355 area, while the relatively strong support is in the 3345-3335 area. According to the current pattern structure, the bulls may not allow gold to retreat to the 3345-3335 area. So in terms of short-term trading, we first consider the opportunity to enter long positions in the 3365-3355 area!
There is no doubt that bullish forces still hold the upper hand. From a fundamental perspective, the Federal Reserve is currently facing greater pressure to cut interest rates; and it can also be clearly seen from the candlestick chart that a significant "W"-shaped double bottom structure has been constructed near 3268 and 3280, which has limited the gold's retracement space while also playing a key structural support role in the rise of gold. With the combined effects of news and technical factors, gold still has the potential to continue its upward trend. And I think there is still a great possibility that gold will test the 3400 mark again. Once gold stabilizes at 3400, it will definitely hit the 3420-3430 area.
As the center of gravity of gold gradually shifts upward, the lower support area also moves up. The current short-term support is obviously in the 3365-3355 area, while the relatively strong support is in the 3345-3335 area. According to the current pattern structure, the bulls may not allow gold to retreat to the 3345-3335 area. So in terms of short-term trading, we first consider the opportunity to enter long positions in the 3365-3355 area!
Trade active
Although gold retreated to around 3350 and rebounded again after trying to fall below 3350, our trading plan to go long on gold in the 3365-3355 area is proceeding as planned, and we have already made a good profit. Let us continue to hold it and see if gold can continue to the 3370-3375 area.Trade closed: target reached
Hey bros, I just mentioned that gold was heading towards the 3370-3375 area. However, after seeing gold break through 3370, I changed TP to 3380. Currently, gold has hit TP: 3380 as expected. Compared with 3370-3375, we have earned an additional profit of 50-100 pips. Although gold briefly broke through 3350 during our trading, we had to set a SL of 3345 to prevent further losses from a pullback. Fortunately, gold falsely dipped below 3350, only to quickly rebound and finally hit TP: 3380, resulting in a profit of 240 pips on this trade. Congratulations to all friends who follow my trading strategies!🥂🥂🥂
Rigorous trading, scientific investment, and compound profits! Get free trading strategies in the Telegram group: t.me/Steffen_S68
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Rigorous trading, scientific investment, and compound profits! Get free trading strategies in the Telegram group: t.me/Steffen_S68
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.