XAUUSD| Beware of fake breakthroughs

✅Gold has recently shown a trend of "small positive line oscillating and climbing", and it will continue to fluctuate in the short term, and the price space is limited. Although the daily K-line shows that the gold price has risen slightly, the continuity of the space has not yet been determined because the market is running in a narrow range of fluctuations. The closing entity of the daily K-line is small, indicating that the market is still in a wait-and-see stage, and may wait for a large volume to break through the current deadlock in the short term.

✅On the 1-hour chart, gold relied on the "middle track" to move upward, forming a small upward wave. Although there was a short-term rise, the sustainability was not strong, and the price showed a trend of "slow rise and fast retracement". This shows that the upward momentum of the market is relatively limited, and the overall market lacks unilaterality.

✅Yesterday, gold broke through the key pressure level of 2665 under the stimulation of important data, indicating that the gold price gradually broke through the previous sideways fluctuation range and walked out of the previous pressure zone. At present, the short-term moving average of gold continues to turn upward, indicating that the oscillating upward trend is still in a good state. It is necessary to pay attention to whether there will be a possibility of a second pull-up during the day.

🔴Upper resistance: 2668-2670
🟢Lower support: 2630-2628

✅Intraday Trading strategy:
🔶GOLD SELL: 2666-2668
🔰TP1: 2650
🔰TP2: 2640
🔰TP3: 2630 OPEN~

🔶GOLD BUY: 2630-2633
🔰TP1: 2640
🔰TP2: 2650
🔰TP3: 2665 OPEN~

✅However, in the process of gold rebounding around the low of 2645 yesterday, the trend showed repeated fluctuations and failed to form a solid breakthrough. Especially after breaking through a new high, the price of gold failed to stand firm. Instead, it surged higher and fell back, falling below the high point and failing to turn into support, forming continuous suppression. The 1-hour chart shows that the gold price encountered strong pressure near 2670, and may be forming a triple top structure. In the short term, we need to be vigilant against the risk of further decline.

Aurum_Capital

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