XAUUSD| Continues to rise, Testing key resistance
✅Today, the price of gold broke through 2700 strongly and maintained the intraday gains. From the daily chart, the technical side showed a bullish trend, and the price of gold is expected to rise further. The overall bullish pattern has not changed. As long as the daily line does not close below 2660, the overall thinking is still bullish. In terms of technical indicators, the MA5 and MA10 moving averages of the daily line continue to maintain a golden cross upward, and the weekly line continues to rise after stepping back on the middle track this week. The MA5 and MA10 moving averages are sticking together, indicating that the bullish force continues to increase. In addition, the monthly line also shows a bullish trend. Therefore, the overall trend is still bullish, but it is necessary to pay attention to the risk of turning around that may be caused by short-term fluctuations, and strict protective measures need to be set.
✅The bullish trend of gold remains unchanged during the day, but it is necessary to be cautious when chasing more at high levels. It is recommended to look for suitable layout opportunities when waiting for the price to step back:
✅Short-term support and resistance:
🔰The key support below focuses on the 2688-2690 range, and the short-term support level is around 2692. If the European session fluctuates at a high level or steps back to the key support level, you can arrange long orders and pay attention to the continued increase in the future market.
🔰The upper resistance level is 2712-2718. If the US market is close to this range, short orders can be arranged, but the target point needs to be adjusted flexibly. If there is a retracement during the U.S. session, focus on buying opportunities in the 2692-2688 support range.
✅At the same time, external fundamental factors also need attention. On this trading day, the market's focus will turn to the December retail sales and weekly initial jobless claims released by the United States, which will bring greater volatility to the market. Trump is about to take office, and the implementation of his policies may cause risk aversion to subside. Profit-taking may become the focus of short-term risks in the market. For medium- and long-term long-term holders, you can choose to take profits or continue to hold orders according to your personal situation.
✅The bullish trend of gold remains unchanged during the day, but it is necessary to be cautious when chasing more at high levels. It is recommended to look for suitable layout opportunities when waiting for the price to step back:
✅Short-term support and resistance:
🔰The key support below focuses on the 2688-2690 range, and the short-term support level is around 2692. If the European session fluctuates at a high level or steps back to the key support level, you can arrange long orders and pay attention to the continued increase in the future market.
🔰The upper resistance level is 2712-2718. If the US market is close to this range, short orders can be arranged, but the target point needs to be adjusted flexibly. If there is a retracement during the U.S. session, focus on buying opportunities in the 2692-2688 support range.
✅At the same time, external fundamental factors also need attention. On this trading day, the market's focus will turn to the December retail sales and weekly initial jobless claims released by the United States, which will bring greater volatility to the market. Trump is about to take office, and the implementation of his policies may cause risk aversion to subside. Profit-taking may become the focus of short-term risks in the market. For medium- and long-term long-term holders, you can choose to take profits or continue to hold orders according to your personal situation.
🔴Join the Free Trading Club🔴
🔰t.me/+Ji0SOKHW3U43M2Jl
🔶Accurate trading strategies✅
🔶Real-time trading guidance✅
🔰t.me/+Ji0SOKHW3U43M2Jl
🔶Accurate trading strategies✅
🔶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.