Gold plunges, can it break the upward trend?
Gold finally fell on the daily line. After setting a record high of 2942 yesterday, the RSI indicator showed an overbought price for the first time and returned to the lower limit of the Bollinger Band. The latest MA10/7-day moving average stopped at 2875/2853, and the daily line began to fall and adjust. The four-hour chart and the hourly chart moving average are glued together, the hourly chart Bollinger Band is flat, and the RSI indicator turns downward and is below the central axis. The trading is based on a wide range of fluctuations during the day.
If the US market meets the negative expectations of CPl data, the band decline is likely to be established, and you can continue to pay attention to the layout of the band short opportunity. If the data does not meet expectations and forms a significant positive, you need to pay attention to the second test of the previous high of the gold price. At present, the daily line has turned downward, and the main idea during the day is to sell at a high price and wait for adjustments.
Recently, due to the resurgence of the trade war, the market's risk aversion has pushed gold to continue to refresh historical highs. The technical side shows a long arrangement, and there is no historical reference pressure. Therefore, the trend judgment is more about paying attention to some real-time signals in the market in a timely manner. The short-term indicators are seriously overbought, and there is a need for adjustment. This decline is also beyond expectations! Therefore, the next operation idea is very clear. Relying on the daily defensive moving average to go long, and breaking the position to go short and bearish.
From a short-term perspective, gold has also entered the stage of adjustment, but the adjustment is also very beneficial to our later layout, because only adjustment can better buy! At present, the gold price has reached the support of the moving average, and the price is also staying near the 2881 line. The short-term adjustment obviously feels the support below. For this, the gold adjustment market will gradually come to an end, and the rising wave will follow!
Key points:
First support: 2882, second support: 2861, third support: 2844
First resistance: 2913, second resistance: 2926, third resistance: 2942
Operation ideas:
BUY: 2878-2881, SL: 2869, TP: 2900-2920;
SELL: 2918-2921, SL: 2929, TP: 2890-2880;
If the US market meets the negative expectations of CPl data, the band decline is likely to be established, and you can continue to pay attention to the layout of the band short opportunity. If the data does not meet expectations and forms a significant positive, you need to pay attention to the second test of the previous high of the gold price. At present, the daily line has turned downward, and the main idea during the day is to sell at a high price and wait for adjustments.
Recently, due to the resurgence of the trade war, the market's risk aversion has pushed gold to continue to refresh historical highs. The technical side shows a long arrangement, and there is no historical reference pressure. Therefore, the trend judgment is more about paying attention to some real-time signals in the market in a timely manner. The short-term indicators are seriously overbought, and there is a need for adjustment. This decline is also beyond expectations! Therefore, the next operation idea is very clear. Relying on the daily defensive moving average to go long, and breaking the position to go short and bearish.
From a short-term perspective, gold has also entered the stage of adjustment, but the adjustment is also very beneficial to our later layout, because only adjustment can better buy! At present, the gold price has reached the support of the moving average, and the price is also staying near the 2881 line. The short-term adjustment obviously feels the support below. For this, the gold adjustment market will gradually come to an end, and the rising wave will follow!
Key points:
First support: 2882, second support: 2861, third support: 2844
First resistance: 2913, second resistance: 2926, third resistance: 2942
Operation ideas:
BUY: 2878-2881, SL: 2869, TP: 2900-2920;
SELL: 2918-2921, SL: 2929, TP: 2890-2880;
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t.me/JungoldAnalyst
✅Contact me
t.me/JunCopytrader
Related publications
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.
🥇My free Telegram group(Updated daily):
t.me/JungoldAnalyst
✅Contact me
t.me/JunCopytrader
t.me/JungoldAnalyst
✅Contact me
t.me/JunCopytrader
Related publications
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.