Gold bullish analysis
Gold hit 2790 for the second time, forming a double top pattern on the hourly chart. However, the price closed above 2780. Before the trend is completely changed, the callback is still dominated by low-to-long positions. Let's look at the oscillation range of 2770/2800 during the day. There is basically no room for gold bears. The decline is to continue to give more opportunities. Gold bulls are unstoppable and full of momentum.
Gold fluctuated upward yesterday, and gold continued to accumulate momentum at a high level. Gold still bottomed out and rebounded yesterday despite the small non-agricultural negative news. Gold bulls held on to the 2770 line and continued to rise. Gold fell back to 2780 in the Asian session and continued to buy on dips.
Gold continued to fluctuate at a high level in 1 hour, and the gold 1-hour moving average continued to diverge upward with a golden cross. The gold moving average support moved up to around 2770. Gold also stepped back to the support near 2770 several times in the US session yesterday and then bottomed out and rebounded. Gold continued to buy on dips after stepping back to 2780 in the Asian session. Accumulating momentum at a high level, gold is likely to hit the 2800 line.
First support: 2780, second support: 2768, third support: 2755
First resistance: 2794, second resistance: 2805, third resistance: 2813
Trading strategy:
According to the resistance support, sell high and buy low in the range of 2770~2800
Gold fluctuated upward yesterday, and gold continued to accumulate momentum at a high level. Gold still bottomed out and rebounded yesterday despite the small non-agricultural negative news. Gold bulls held on to the 2770 line and continued to rise. Gold fell back to 2780 in the Asian session and continued to buy on dips.
Gold continued to fluctuate at a high level in 1 hour, and the gold 1-hour moving average continued to diverge upward with a golden cross. The gold moving average support moved up to around 2770. Gold also stepped back to the support near 2770 several times in the US session yesterday and then bottomed out and rebounded. Gold continued to buy on dips after stepping back to 2780 in the Asian session. Accumulating momentum at a high level, gold is likely to hit the 2800 line.
First support: 2780, second support: 2768, third support: 2755
First resistance: 2794, second resistance: 2805, third resistance: 2813
Trading strategy:
According to the resistance support, sell high and buy low in the range of 2770~2800
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