Gold's upward channel is steadily rising
The price of gold is currently maintained in an upward channel, showing a steady upward trend. This is a 4-hour chart. The price trend clearly fluctuates along the upper and lower rails of the channel. Each pullback is supported by the lower rail of the channel and blocked near the upper rail. This pattern shows that market sentiment is biased towards bulls, and the upward momentum is dominant in the short term.
At present, key points in the channel such as 2,694, 2,695 and 2,733 are important support areas when prices pull back. The current price is 2,808, close to the upper resistance level of 2,817. It may continue to test the resistance upward in the short term, but if the breakthrough fails, it is not ruled out that it will step back to the middle rail of the channel or even the lower rail again.
Combined with technical graphic analysis, the price presents a standard "high point lift, low point lift" mode, which is a typical bullish trend structure. In addition, the support of the middle rail of the channel shows good stability and has become the starting point of price rebounds many times, indicating that the market buying power is strong.
If the price can break through 2,817 and stabilize above it, it may further challenge the higher target of the upper channel at 2,840. On the contrary, if there is a pullback, focus on the support strength of 2,774 and 2,733, which may trigger a larger adjustment after breaking.
Although the upward trend is obvious in the short term, we need to be vigilant about the fluctuations in gold prices caused by macroeconomic events or sudden news, such as US non-farm payrolls and Fed policy statements, which may change the market direction.
In terms of operation, it is recommended to mainly buy gold at low prices when it pulls back, and try to sell at high pressure as a supplement.
Long orders are arranged after the short-term support of the 2796-2792 area is pulled back, and the upward trend is 2804 and 2817.
Shorts are recommended to try short-term short orders under pressure at 2817-2820, with a stop loss of 2830. Downward targets are 2810 and 2796.
Overall, gold is currently in a healthy upward trend. Investors are advised to follow the trend and pay attention to the breakthroughs and retracements of key points in order to arrange their positions reasonably.
Trade active
Gold price continues to rise to the top of the upward channel at 2771. Short-term pressure. Operationally, you can participate in short-term short-term layout.
Gold sell @2830
SL 2845
tp 2815
tp 2800
tp 2792
Trade closed: target reached
The top of the golden channel turned back and fell. It successfully fell to 2813. This is also a signal of reaching the top.
The previous TP2815 was also perfectly reached.
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t.me/+tU_47UhRKa4yMmRh
✔️Real-time analysis of foreign exchange, gold, and Bitcoin
✔️Professional analysis layout
✔️Real-time trading guidance
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.