✅Gold closed with a small negative line yesterday, with the upper shadow slightly longer than the lower shadow, and the closing price was still above the middle track of the Bollinger Band. As the first correction after the previous consecutive positives, it is still considered a short-term correction. If it continues to close positive today, it is expected to continue the bullish structure.
✅From the 4-hour chart, after yesterday's highs and falls, it once again received support from the middle track of the Bollinger Band. The middle track has become an important watershed in the current cycle - running above it is relatively strong.
✅From the hourly chart, the overnight US market repeatedly consolidated in the 3280-3290 support range. This morning, driven by the decline of the US dollar, it broke through the middle track and rose to 3330 with consecutive positives. The current key support has moved up to 3315-3320, and the target is 3365-3370. If it unexpectedly falls below 3315, the short-term may fall into a volatile pattern again.
✅The key resistance above is 3370, which is the suppression point of the extension of the trend line (3500-3438). Once it stabilizes, the bulls may continue; if it is blocked and falls back, it is necessary to guard against the risk of launching a C wave decline.
✅The key support is in the 3315-3318 range (618 division + MA5 support). If it stabilizes, it will further challenge the resistance of 3370 (786 division); if it effectively breaks through the previous high of 3345, it is necessary to be alert to the possibility of MACD forming a top divergence, and the market will face the risk of falling back in the future.
🔴Upper resistance: 3345-3350 / 3365-3370
🟢Lower support: 3315-3318 / 3280-3285
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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.