XAUUSD| Has the trend reversed?
Updated
✅During today's US trading session, the price of gold fell rapidly and broke through the first support level of 2675. At present, the low of 2663 last Friday is expected to be tested again. From the current trend analysis, after this round of decline, the trend has obviously weakened, so it is difficult to optimistically expect the gold price to break through the 2700 line.
✅The European session failed to test the high point, while the US session bottomed out and hit a new low, indicating that the evening market will be dominated by weak fluctuations. From the daily chart, the MA5 and MA10 moving averages continue to form a golden cross and move upward. The gold price is currently stabilized at the key boundary of 2660/2662, so this area is an important support in the short term.
✅In the short term, the 4-hour chart has just changed its line and turned slightly downward. The 30-minute Bollinger Bands are closing and showing a volatile trend, and the 1-hour Bollinger Bands are also slowly closing. At present, the key position suitable for intervening in long orders is 2663 (last week's low point), and the stop loss can be set below 2655, with a defense range of 8 US dollars. As long as the gold price holds the defensive position of 2655 tonight, the bulls still have room to rise further, and the subsequent rise may start on this basis.
✅In general, the short-term trading strategy is recommended:
🔰Buy on dips near 2663, set the stop loss below 2655, and target the 2685-2700 area.
🔰If the gold price stabilizes and continues to rise, pay attention to the 2730-2750 pressure range and further adjust the operation strategy.
✅It is necessary to pay attention to the evening market dynamics, especially the breakthrough of key support and resistance positions, so as to flexibly respond to subsequent market changes.
✅The European session failed to test the high point, while the US session bottomed out and hit a new low, indicating that the evening market will be dominated by weak fluctuations. From the daily chart, the MA5 and MA10 moving averages continue to form a golden cross and move upward. The gold price is currently stabilized at the key boundary of 2660/2662, so this area is an important support in the short term.
✅In the short term, the 4-hour chart has just changed its line and turned slightly downward. The 30-minute Bollinger Bands are closing and showing a volatile trend, and the 1-hour Bollinger Bands are also slowly closing. At present, the key position suitable for intervening in long orders is 2663 (last week's low point), and the stop loss can be set below 2655, with a defense range of 8 US dollars. As long as the gold price holds the defensive position of 2655 tonight, the bulls still have room to rise further, and the subsequent rise may start on this basis.
✅In general, the short-term trading strategy is recommended:
🔰Buy on dips near 2663, set the stop loss below 2655, and target the 2685-2700 area.
🔰If the gold price stabilizes and continues to rise, pay attention to the 2730-2750 pressure range and further adjust the operation strategy.
✅It is necessary to pay attention to the evening market dynamics, especially the breakthrough of key support and resistance positions, so as to flexibly respond to subsequent market changes.
Trade active
✅Intraday Trading strategy:
🔶GOLD SELL: 2676-2680
🔰TP1: 2650
🔰TP2: 2640
🔰TP3: 2630 OPEN~
🔶GOLD BUY: 2630-2633
🔰TP1: 2640
🔰TP2: 2650
🔰TP3: 2660 OPEN~
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