Gold channel breaks through and continues to rise

The current gold price continues its upward trend and breaks through the important resistance range, showing strong bullish momentum. It can be observed from the figure that the price is running in the long-term rising channel, gradually raising the bottom and top, and the channel structure is stable. Recently, the gold price rebounded from around 2744 and rose strongly to 2859, and the price has broken through the upper track of the channel, indicating that bulls have an absolute advantage in the short term.

The price continues to run in the green rising channel. Every time it falls back to the lower track of the channel, it rebounds quickly to form a new high. The channel is very effective. The current price runs above the upper track of the channel and does not show obvious signs of correction, indicating that the bulls are still strong.
Key support and resistance:
Short-term support: focus on 2848-2850 (upper track of the channel). If it falls back and does not break, it will continue to be bullish.
Daily level support: 2820 (daily 5-day moving average) and 2800 (psychological barrier) are important support areas.
Upward resistance: The short-term target is 2880-2900. If it breaks through further, it is expected to test the 3000 mark.
Moving average performance: The short-term moving average (such as 4-hour 5MA) shows an obvious bullish arrangement, indicating that the market sentiment is biased towards buyers; the daily moving average support is far away, providing a pullback opportunity.
Trading strategy:

Long follow: If the price remains above 2850, you can consider going long with the trend, with the target at 2880-2900.
Waiting for a pullback: If the price falls back to 2840-2850 in the European session, it is regarded as a short-term layout of long orders, and the stop loss is set below 2820.
Short game: If the price falls back and falls below 2820, the bullish momentum will weaken, and the short-term will be bearish, looking down at 2800.
Summary:
At present, the gold bulls are obviously strong, but we need to be wary of the risk of a pullback caused by short-term overbought. In terms of operations, you can mainly follow the trend and arrange long orders on dips. At the same time, pay close attention to the performance of the European session and decide on the US session strategy.

Trade active

The 4-hour gold price has not stabilized at 2870. Be cautious when going long in the US market tonight. There is also the ADP small non-farm data today. The previous value was 122,000 and the forecast value was 150,000. The forecast value is greater than the previous value, which means that the employed population has increased, which is good for the US dollar. On the contrary, it is bad for gold. Next, pay attention to 2857 US dollars. If it falls below here, continue to look towards 2840 in the evening. Pay attention to the short-selling opportunity at 2870-74 in the evening.

Trade closed: target reached

Gold fell back after hitting a high of 2876, breaking below the 2870 mark, and weakened rapidly in the short term to around 2858. At present, the high boundary support is at 2854, forming a key range of 2854-2865, which is a short-term 10-point buffer zone.

Despite the price correction, the overall trend of gold has remained strong in the near future. It is not recommended to blindly guess the top in operation, and it should still be based on low-to-long positions.

Key points of attention:

Support level: 2858-2854 area, which is the key point for low-to-long layout after the correction.
Resistance level: around 2865, which is the primary suppression of short-term rebound.
Trading suggestions: Pay close attention to the support performance of the 2858-2854 area. When the price pulls back to this area, you can try to arrange long orders, with stop loss set below 2850, and the target is 2865 and above.

RonPeter_Trading

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RonPeter_Trading

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