Gold 2.10 Analysis

Gold prices are currently in a clear rising channel, with prices maintaining stable fluctuations between higher lows and gradually climbing. Key support and resistance levels have been clearly marked by Fibonacci retracement lines.

Fibonacci retracement analysis:
In the gold rising range from the low of 2774.06 to the high of 2883.38, the key Fibonacci retracement levels showed strong support from bulls for prices. The current market is running above the 0.382 (2841.27) and 0.5 (2828.26) levels, indicating strong buying power in the market. In particular, the price rebounded quickly after touching around 0.618 (2815.25), forming a strong upward trend.

Trend line and channel analysis:
Gold prices are running along a clear rising channel, with the upper and lower rails of the channel providing strong resistance and support respectively. Recent trends show that prices have been supported after testing the lower rail of the channel many times, indicating that the buying power below is still solid. The price is currently close to the middle track of the channel, and there is a possibility of further testing the upper track of the channel.

Potential trend forecast:
From the arrow path in the chart, it can be seen that there are two possible situations in the market in the short term:

Strong breakthrough: If the price breaks through the middle track of the channel and stabilizes, it is expected to further challenge the psychological barrier of $2,900 and may hit the upper track of the channel, with a target of $2,920.
Pullback accumulation: If the price is blocked near the middle track, it may fall back to the support level of 2840-2850 area to complete further shock consolidation.
Overall, the gold market currently maintains an upward trend, and bulls dominate, but investors need to pay close attention to the key positions of the Fibonacci retracement level and the rising channel to confirm the signal of breakthrough or pullback. In terms of risk control, it is recommended to pay attention to the effectiveness of the $2,815 support, which may trigger a deeper adjustment once it falls below.

Trade active

Gold's recent highs continue to be refreshed. The previous pressure level of 2882 failed to stop the pace of rise, but turned into the current important support level. Since the intraday low of 2856, the price has risen unilaterally by nearly 40 points to 2895, showing strong bullish momentum. It is worth noting that the non-agricultural data on Friday did not drive the market as much as on Monday, and the current trend is in a key selection range.

At present, the upper edge pressure of the upper trend channel is in the 2898-2900 area, which will be the key to further breakthroughs for bulls in the short term. The lower side is 2882 as the core support. If it can step back to this position and stabilize, it is expected to provide further upward momentum for bulls.

Based on the current trend, the operation suggestions are as follows:

Wait for a breakthrough: If the price touches the 2898-2900 area, it is recommended to pay attention to whether there are signs of a high fall, and consider arranging short-term short orders at highs.

Wait for a retracement: If the price steps back to around 2882 and stabilizes, it can continue to be bullish following the trend, with the target pointing above 2900.
In general, the bulls are dominant in the short term, but the upper side is close to the pressure area of the trend channel boundary, so we need to be alert to the risk of a pullback after a surge. The strategy should be mainly to wait and see, and wait for the breakthrough or retracement of key points to confirm before making a layout to increase the winning rate.

Trade closed: target reached

After gold hit 2910, it fell back. It is also a turning point for the short term. But the trend is still bullish. The support is 2890 below.
Aggressive investors can also make a short-term short order at this position. Stop loss at 2910. Downward targets are 2892 and 2886.
Conservative investors can also wait for a wave of adjustments and enter the market after the second decline of the high point in the short term. The reference position is 2902-2905 area.

RonPeter_Trading

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RonPeter_Trading

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