XAUUSD | Trading Strategy For Monday
Updated
✅Friday's non-farm payrolls data was bearish for gold, but the trend was unexpected. Although there was a pullback, it eventually showed a bottoming-out and rebounding pattern. It rebounded after hitting a low of around 2664, and rose to a high of 2697, closing at around 2690. The daily line recorded four consecutive positives, and the weekly line also closed with a big positive, showing that the bulls are still strong. The current upper pressure level of gold prices is at the 2700 integer mark, and the key resistance and watershed are around 2710. Breaking through this position may stimulate a new round of bullish upward space.
✅However, we should also be wary of the possibility of a change in the market next week. Since the pullback from 2583, the gold price has risen by about $110. Although the bullish trend is strong, we need to pay attention to the digestion of support. The current key support below is at 2680. If this position is stable, the bulls may continue to exert their strength; if there is a weak pullback in the European session, the support needs to be focused on around 2665, and it is expected that there will still be strong buying support here.
✅Long order strategy
🔰If the gold price retreats to the 2682-2680 range, long orders can be arranged with a light position, and the target is around 2700-2710;
🔰If the gold price retreats to the 2670-2665 range to stabilize, long orders can be added, and the target is also 2700-2710
✅Short order strategy
🔰If the gold price encounters resistance near 2710, short-term short orders can be tried with a light position, and the target is 2685-2680.
🔰If the gold price breaks through 2710, continue to follow up with long orders after the retracement is confirmed, and the target is 2727.
✅The current trend of gold prices is relatively strong, but it is necessary to pay attention to the performance of the 2700-2710 pressure area above and the strength of the pullback support. When the market opens next Monday, if the gold price retreats to the key support of 2680 or 2665 and stabilizes, it is recommended to continue to focus on long positions at low levels, while paying close attention to the impact of market news on the gold price to adjust the strategy.
✅However, we should also be wary of the possibility of a change in the market next week. Since the pullback from 2583, the gold price has risen by about $110. Although the bullish trend is strong, we need to pay attention to the digestion of support. The current key support below is at 2680. If this position is stable, the bulls may continue to exert their strength; if there is a weak pullback in the European session, the support needs to be focused on around 2665, and it is expected that there will still be strong buying support here.
✅Long order strategy
🔰If the gold price retreats to the 2682-2680 range, long orders can be arranged with a light position, and the target is around 2700-2710;
🔰If the gold price retreats to the 2670-2665 range to stabilize, long orders can be added, and the target is also 2700-2710
✅Short order strategy
🔰If the gold price encounters resistance near 2710, short-term short orders can be tried with a light position, and the target is 2685-2680.
🔰If the gold price breaks through 2710, continue to follow up with long orders after the retracement is confirmed, and the target is 2727.
✅The current trend of gold prices is relatively strong, but it is necessary to pay attention to the performance of the 2700-2710 pressure area above and the strength of the pullback support. When the market opens next Monday, if the gold price retreats to the key support of 2680 or 2665 and stabilizes, it is recommended to continue to focus on long positions at low levels, while paying close attention to the impact of market news on the gold price to adjust the strategy.
Trade active
✅Intraday Trading strategy:
🔶GOLD SELL: 2707-2710
🔰TP1: 2690
🔰TP2: 2680
🔰TP3: 2675 OPEN~
🔶GOLD BUY: 2678-2680
🔰TP1: 2690
🔰TP2: 2700
🔰TP3: 2720 OPEN~
Trade closed: target reached
The gold price has reached 2680 in the early trading session, which is also the long entry price given in our trading strategy. The current price has reached around 2691, and you can choose to take profits.Note
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