✅Gold was affected by the Christmas holiday last week, and the market trading was light, with the overall trend of consolidation within a narrow range. The weekly structure shows that gold is still in the process of horizontal consolidation and adjustment demand.
✅On the daily chart, the price of gold showed an alternating trend of ups and downs, and fell into a consolidation range in the short term. The previous high double top fell under pressure, and the market failed to break through effectively. In the short term, it continued to be in the accumulation stage, waiting for the direction to be chosen.
✅The 4-hour chart shows that the momentum of the gold price rebound correction has weakened significantly. Last Friday, it was under pressure at the 2638 resistance level, and the lower low touched the 2583 support level. The current Bollinger Bands are closing and consolidating, and the market is repeatedly pulling in the range. The rebound highs are gradually lowered, showing weak consolidation characteristics.
✅In the short term, the gold bull rebound lacks sustained momentum, reflecting the lack of market confidence and the failure of the bulls to form a breakthrough. The overall structure is still biased towards weak consolidation, and the short-term bears dominate.
🔴Upper resistance: 2630-2633 area. If this area is broken, further attention will be paid to 2638-2640.
🟢Lower support: 2610-2600 area, which may open up greater downside space after falling below
✅Intraday Trading strategy:
🔶GOLD BUY: 2600-2603
🔰TP1: 2610
🔰TP2: 2615
🔰TP3: 2620 OPEN~
🔶GOLD SELL: 2625-2628
🔰TP1: 2610
🔰TP2: 2605
🔰TP3: 2600 OPEN~
✅Gold is currently in a range-bound consolidation stage. The trend is weak but the direction is not yet clear. In the short term, we still need to pay attention to the breakthrough of key resistance and support levels. Due to the lack of strength in the bullish rebound, the short-term strategy continues to focus on shorting the rebound and flexibly respond to market fluctuations in combination with key technical positions. At the same time, be alert to the possible breakout during the US trading session.
✅On the daily chart, the price of gold showed an alternating trend of ups and downs, and fell into a consolidation range in the short term. The previous high double top fell under pressure, and the market failed to break through effectively. In the short term, it continued to be in the accumulation stage, waiting for the direction to be chosen.
✅The 4-hour chart shows that the momentum of the gold price rebound correction has weakened significantly. Last Friday, it was under pressure at the 2638 resistance level, and the lower low touched the 2583 support level. The current Bollinger Bands are closing and consolidating, and the market is repeatedly pulling in the range. The rebound highs are gradually lowered, showing weak consolidation characteristics.
✅In the short term, the gold bull rebound lacks sustained momentum, reflecting the lack of market confidence and the failure of the bulls to form a breakthrough. The overall structure is still biased towards weak consolidation, and the short-term bears dominate.
🔴Upper resistance: 2630-2633 area. If this area is broken, further attention will be paid to 2638-2640.
🟢Lower support: 2610-2600 area, which may open up greater downside space after falling below
✅Intraday Trading strategy:
🔶GOLD BUY: 2600-2603
🔰TP1: 2610
🔰TP2: 2615
🔰TP3: 2620 OPEN~
🔶GOLD SELL: 2625-2628
🔰TP1: 2610
🔰TP2: 2605
🔰TP3: 2600 OPEN~
✅Gold is currently in a range-bound consolidation stage. The trend is weak but the direction is not yet clear. In the short term, we still need to pay attention to the breakthrough of key resistance and support levels. Due to the lack of strength in the bullish rebound, the short-term strategy continues to focus on shorting the rebound and flexibly respond to market fluctuations in combination with key technical positions. At the same time, be alert to the possible breakout during the US trading session.
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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.
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.