Gold Price Poised for Potential Upsurge
Updated
In today's afternoon trading session, there are distinct signals emerging within the gold market. The 4-hour moving average of gold has begun to stabilize, indicating a waning upward momentum. A downward cross of the 4-hour moving average would signal an opportunity for bears to exert further downward pressure on gold prices. Furthermore, the gold chart reveals a head and shoulders pattern, suggesting that the recent rebound in gold may simply serve as a signal for bears to re-enter the market. The bullish momentum has notably weakened, hinting that gold may be approaching a short-term peak.
Historically, during previous rebounds, the peaks of gold have gradually decreased, with the second rebound peak hovering around 2210. It is prudent to consider short positions as the US market rebound falls below 2210. As gold experiences subsequent rises and retracements, this market movement could potentially ensnare bullish traders. Continued observation of rebounds in the US market is advised, with the consideration of maintaining short positions.
Overall, today's short-term gold trading strategy primarily focuses on selling during rebounds, with buying on pullbacks as a secondary approach. Attention should be paid to resistance levels around 2210-2215 above, and support levels at 2156-2166 below
Historically, during previous rebounds, the peaks of gold have gradually decreased, with the second rebound peak hovering around 2210. It is prudent to consider short positions as the US market rebound falls below 2210. As gold experiences subsequent rises and retracements, this market movement could potentially ensnare bullish traders. Continued observation of rebounds in the US market is advised, with the consideration of maintaining short positions.
Overall, today's short-term gold trading strategy primarily focuses on selling during rebounds, with buying on pullbacks as a secondary approach. Attention should be paid to resistance levels around 2210-2215 above, and support levels at 2156-2166 below
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