Gold continues to hit new highs
Gold continued to rise today, with strong bullish power. After failing to turn short in the afternoon, it further broke through the high point, showing that the market is bullish.
The 1-hour chart continues to set new highs, and there is still a possibility of a short-term surge, but it should be noted that overbought divergence signals have appeared at the daily and weekly levels, and the price has deviated far from the short-term moving average, and the risk of a correction has increased.
Support area: 3005-3008 (US market decline and long area), 3015 (afternoon start position).
Resistance area: 3040-3050 (special attention), 3050-3055 (short-term strong resistance).
The Fed news on Thursday morning may have a greater impact on the market and needs to be closely watched.
Before the Fed news is announced, gold may remain strong, but there may be large fluctuations after the news is announced.
Operation suggestions:
Long strategy:
Long on pullback: If the gold price falls back to the 3005-3008 area, you can try to go long, with the target at 3030-3040, and the stop loss is set below 3000.
Long on the starting point: If the gold price falls back to around 3015, you can also try to go long, with the target above 3030, and the stop loss is set below 3010.
Short strategy:
Short on rebound: If the gold price rebounds to the 3040-3050 area, you can try shorting, with the target at 3020-3015, and the stop loss is set above 3055.
Trade active
At present, the bulls are still very strong. Even if there is an adjustment, it is only a small decline. However, the gold price is indeed a bit high. Although we have always maintained a bullish view, we still have to be wary of the risk of a deep adjustment in the gold price. Therefore, the main support level is still focused on the top and bottom conversion level of 3005.
In the short term, gold still has the potential to continue to rise, so our subsequent thinking is still to continue the bullish low-multiple view. The hourly line retracement bullish position is the moving average support 3015-20 near the best opportunity to intervene
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Free Signals ：t.me/+HWbck2OfiTtkMGMx
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.