Gold trend analysis: Gold price broke through the suppression level of 2930 last night, and there was a correction in the early morning. The correction was also above 2930 and then rose. As of the time of writing, the gold price was trading around 2941. Although the previous shock range broke upward, today we need to pay attention to whether the gold price can test the previous high of 2956, and secondly pay attention to the support of the resistance-to-support level of 2930, mainly because the recent rhythm is that there is no continuity in the rise and fall.
From the hourly level, the gold price broke down to 2880 at the end of Monday, and recovered the decline at the opening of Tuesday, and crossed the previous day's high, so this upward breakthrough also needs to pay attention to the situation of the correction. After 2930 is broken, the next resistance can refer to the previous high of 2954. The short-term support below is 2930, followed by the position of 2906, which has been repeatedly corrected on the way up. Since the gold price has broken upward, today's trend will be extended to wait for the correction to go long, and the second is to go short after touching the previous high to see a wave of correction. If the European session directly corrects and falls below 2930, then adjust the thinking to execute the high short to see 2906.
1. In the early trading, if the price falls back to around 2828, take a long position with a light position and look at the upside, protect the position of 2820, and target around 2945;
2. If the price fluctuates around 2940 in the early trading, then you can directly go long in the European trading and look at the upward trend, protect 5 points, and target around the previous high of 2956;
3. If the upward trend continues in the early trading, short at 2956 and look for a retracement, protect 5 points, and target 2940;
4. If the price falls below 2920 in the European trading, then adjust the thinking to rebound and short, and analyze this in the future market.
From the hourly level, the gold price broke down to 2880 at the end of Monday, and recovered the decline at the opening of Tuesday, and crossed the previous day's high, so this upward breakthrough also needs to pay attention to the situation of the correction. After 2930 is broken, the next resistance can refer to the previous high of 2954. The short-term support below is 2930, followed by the position of 2906, which has been repeatedly corrected on the way up. Since the gold price has broken upward, today's trend will be extended to wait for the correction to go long, and the second is to go short after touching the previous high to see a wave of correction. If the European session directly corrects and falls below 2930, then adjust the thinking to execute the high short to see 2906.
1. In the early trading, if the price falls back to around 2828, take a long position with a light position and look at the upside, protect the position of 2820, and target around 2945;
2. If the price fluctuates around 2940 in the early trading, then you can directly go long in the European trading and look at the upward trend, protect 5 points, and target around the previous high of 2956;
3. If the upward trend continues in the early trading, short at 2956 and look for a retracement, protect 5 points, and target 2940;
4. If the price falls below 2920 in the European trading, then adjust the thinking to rebound and short, and analyze this in the future market.
Trade active
Gold falls back to 2950-56 and buys more. Fall back to 2933 and add more. Stop loss at 2927. Target at 2980-85. Continue to hold if it breaks. Click the link to get accurate trading signals.
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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.