Will gold break out of the current channel today?
Updated
📳Gold Trading Analysis Report
🔴Current Market Overview:
Gold prices have recently shown a correction trend, reaching a minimum of $2,620 before rebounding, and are currently quoted at $2,647. In the short term, gold prices have shown a certain rebound strength, and the overall structure is relatively strong, but considering that the market may close early tonight, the operation strategy needs to be adjusted in combination with the characteristics of short-term fluctuations.
🔴Technical Analysis:
Short-term Trend:
From the 1-hour chart, the gold price has rebounded from a low of $2,620 to $2,647 in the short term, showing a certain upward momentum. The current market structure is strong, but due to a certain level of resistance, prices may face the risk of a short-term decline.
🔴Support and Resistance Levels:
Short-term Resistance:
The short-term resistance level is around $2,650. Once it breaks through, it may continue to test the strong resistance area upward.
The strong resistance level is in the $2,654-2,658 area. If the gold price breaks through this range, it may further push the price up.
🔴Short-term support:
The current short-term support level is in the $2644-2642 area. If the gold price breaks through this area, it may further test the strong support level near $2640. If $2640 is held, there may be another rebound.
🔴Market sentiment:
Considering that the market may close early tonight, liquidity and market volatility may weaken, so the operation strategy should be more cautious. It is expected that the market will have a certain high-rise and fall in the short term.
🔴Operation strategy:
Short-term operation suggestions:
Near $2658, you can consider short selling below this position. It is recommended to pay attention to the short-term pullback to the support of the $2644 and $2642 areas. If the price fails to break through the strong resistance of $2658, you can choose to arrange short orders near this area, and the target price can be seen in the support area of $2642 to $2640.
🔴Risk management:
The stop loss is recommended to be set above $2660 to prevent the reverse risk caused by the price breaking through the key resistance level.
Short-term operations are mainly based on flexible response to market fluctuations, avoiding overly aggressive position management.
🔴Summary:
Gold will show a volatile rebound pattern in the short term, and the price may face certain pullback pressure. Based on the current technical analysis, it is recommended to look for short-selling opportunities around $2,658, with the target support level in the $2,642-2,640 range. Since market liquidity may be limited, you need to pay attention to risk control when operating to avoid unnecessary losses due to excessive volatility.
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🔴Current Market Overview:
Gold prices have recently shown a correction trend, reaching a minimum of $2,620 before rebounding, and are currently quoted at $2,647. In the short term, gold prices have shown a certain rebound strength, and the overall structure is relatively strong, but considering that the market may close early tonight, the operation strategy needs to be adjusted in combination with the characteristics of short-term fluctuations.
🔴Technical Analysis:
Short-term Trend:
From the 1-hour chart, the gold price has rebounded from a low of $2,620 to $2,647 in the short term, showing a certain upward momentum. The current market structure is strong, but due to a certain level of resistance, prices may face the risk of a short-term decline.
🔴Support and Resistance Levels:
Short-term Resistance:
The short-term resistance level is around $2,650. Once it breaks through, it may continue to test the strong resistance area upward.
The strong resistance level is in the $2,654-2,658 area. If the gold price breaks through this range, it may further push the price up.
🔴Short-term support:
The current short-term support level is in the $2644-2642 area. If the gold price breaks through this area, it may further test the strong support level near $2640. If $2640 is held, there may be another rebound.
🔴Market sentiment:
Considering that the market may close early tonight, liquidity and market volatility may weaken, so the operation strategy should be more cautious. It is expected that the market will have a certain high-rise and fall in the short term.
🔴Operation strategy:
Short-term operation suggestions:
Near $2658, you can consider short selling below this position. It is recommended to pay attention to the short-term pullback to the support of the $2644 and $2642 areas. If the price fails to break through the strong resistance of $2658, you can choose to arrange short orders near this area, and the target price can be seen in the support area of $2642 to $2640.
🔴Risk management:
The stop loss is recommended to be set above $2660 to prevent the reverse risk caused by the price breaking through the key resistance level.
Short-term operations are mainly based on flexible response to market fluctuations, avoiding overly aggressive position management.
🔴Summary:
Gold will show a volatile rebound pattern in the short term, and the price may face certain pullback pressure. Based on the current technical analysis, it is recommended to look for short-selling opportunities around $2,658, with the target support level in the $2,642-2,640 range. Since market liquidity may be limited, you need to pay attention to risk control when operating to avoid unnecessary losses due to excessive volatility.
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Trade active
📳Gold is still under pressure at the 5-day moving average ($2,658). If the closing fails to break through and hold this position, gold will most likely maintain consolidation and may continue its downward trend, further testing the weekly middle track support ($2,566). If the price continues to be under pressure below the 5-day moving average, the bearish trend will still dominate and may seek new support downward.🔴
✴️Technical analysis:
Daily chart:
During the US trading session yesterday, gold bears exerted their strength and fell to $2,633. Although they finally closed with a positive line with a long upper shadow, the bearish force is still strong. Although the low of $2,626 was touched, the support was significantly weakened. The daily chart still shows a short-term downward pattern. If the price cannot break through the 5-day moving average, there is still a risk of further decline.🔴
✴️4-hour chart:
On the 4-hour chart, the continuous negative lines make the bulls rebound weak, especially the downward pressure near $2,658. The price retreated and was under pressure below the short-term moving average and the middle track of the Bollinger Band. The cycle indicator continued to point downward, and the bearish trend still dominated.🔴
✴️Operation strategy:
Short on rebound: Pay attention to the short-term resistance in the 2658-2663 USD area. If the price rebounds to this area and is blocked, consider shorting, with the target at the 2630-2625 USD support range.
Long on pullback: If the price goes down to the 2630-2625 USD support range, you can consider going long moderately, but be cautious to prevent the downside risk after breaking through the support.🔴
✴️Conclusion:
In the short term, gold will maintain a weak consolidation, and the operation strategy is mainly short on rebound, supplemented by long on pullback. Focus on the resistance area of 2658-2663 USD and the support range of 2630-2625 USD, set stop loss reasonably, and control risks.🔴
Trade closed: target reached
Gold, driven by overnight risk aversion, successfully broke through the $2620-2658 range, triggering a strong bullish rebound.
The daily chart shows that gold prices have closed positive for three consecutive days, indicating that the bullish trend continues, gold prices stabilize above the cycle moving average, and short-term indicators show an upward trend.
Overall, gold prices still have room to rise, but we need to be wary of the risk of a high opening and fall.
The 4-hour chart shows that gold prices fell slightly after hitting $2634 in the morning, accumulating momentum, and the Bollinger Bands opened upward, indicating that bulls still have the upper hand. At present, the price is still running above the short-term moving average, and it is expected to continue to rise in the short term.
Operation suggestions:
Support level operation: Pay attention to the support near $2657. If it pulls back to the $2650-2645 area, you can consider going long, with a target of $2670-2680.
Resistance level operation: You can try to go short near $2680, with a target of $2657 support.
In general, you can pay attention to the breakthrough of key support and resistance levels, respond flexibly to market fluctuations, and maintain a reasonable stop loss.
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