Gold trend analysis:
Gold opened high on Monday and then fell sharply. On Tuesday, it fluctuated and corrected with a cross-yang line. On Wednesday, the overall trend was also volatile. However, after the Fed’s interest rate decision was announced in the early hours of Wednesday, the gold price fell to around 3362. The low point of this decline was just supported by the 10-day moving average. From a technical point of view, the support of the 10-day moving average at 3350 is currently the key point. If this support can be effectively maintained, the gold price is expected to maintain a volatile pattern; once it breaks down, the short-selling force may be continued, and then it will be necessary to look at the support of the 20-day moving average near 3350. In terms of upper resistance, the 5-day moving average is currently near 3390, which will suppress the upward movement of gold prices. Further resistance depends on the gains and losses of 3405.
There is not much change in the 4-hour chart. The lower track has not opened. The support of 3360 is strong, and it is still a bullish trend. However, it is worth noting that in the continuous rebound, the Bollinger middle track suppression point has not been broken. Relatively speaking, gold is weak and volatile in the medium term. Under the trend today, if it continues to rise, we must pay attention to the gains and losses of the dense suppression point 3405. If it breaks 3405 and the trend strength comes out, we can see the high point of 3430. For intraday trading, we still maintain high-altitude and low-long, waiting for the trend strength to break through the space, and we are bullish above the support of 3350 during the day.
Gold operation strategy: It is recommended to short at 3385-3383 on the rebound, stop loss at 3390, and target at 3370-3365; go long at 3350-3352 when gold falls back, stop loss at 3340, and target at 3375-3385;
Gold opened high on Monday and then fell sharply. On Tuesday, it fluctuated and corrected with a cross-yang line. On Wednesday, the overall trend was also volatile. However, after the Fed’s interest rate decision was announced in the early hours of Wednesday, the gold price fell to around 3362. The low point of this decline was just supported by the 10-day moving average. From a technical point of view, the support of the 10-day moving average at 3350 is currently the key point. If this support can be effectively maintained, the gold price is expected to maintain a volatile pattern; once it breaks down, the short-selling force may be continued, and then it will be necessary to look at the support of the 20-day moving average near 3350. In terms of upper resistance, the 5-day moving average is currently near 3390, which will suppress the upward movement of gold prices. Further resistance depends on the gains and losses of 3405.
There is not much change in the 4-hour chart. The lower track has not opened. The support of 3360 is strong, and it is still a bullish trend. However, it is worth noting that in the continuous rebound, the Bollinger middle track suppression point has not been broken. Relatively speaking, gold is weak and volatile in the medium term. Under the trend today, if it continues to rise, we must pay attention to the gains and losses of the dense suppression point 3405. If it breaks 3405 and the trend strength comes out, we can see the high point of 3430. For intraday trading, we still maintain high-altitude and low-long, waiting for the trend strength to break through the space, and we are bullish above the support of 3350 during the day.
Gold operation strategy: It is recommended to short at 3385-3383 on the rebound, stop loss at 3390, and target at 3370-3365; go long at 3350-3352 when gold falls back, stop loss at 3340, and target at 3375-3385;
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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.
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.