Analysis of gold trend on February 19
The price of gold is currently running in an upward channel and is close to the upper resistance area. After touching the upper resistance line, the price showed signs of being blocked many times, forming two obvious pullbacks. Combined with the Fibonacci retracement level, the current price is close to the strong resistance area of 0.786 (2949.47). The pressure in this area also coincides with the upper trend line formed in the previous period, further strengthening the resistance strength of this position. If the price cannot effectively break through $2,950, there is a risk of a short-term pullback.
The support below is around $2,930. At the same time, the Fibonacci retracement level shows that 0.382 (2905.66) and 0.236 (2889.82) are also potential segmented support levels, especially the $2,905 line, which is an important short-term support. If it falls below, it may open up a larger downward space.
If the price successfully breaks through the $2,950 resistance range, further upward space will be opened above, which may hit $2,960 or even higher.
If it is blocked and falls below the support of $2,930, the price may enter a stage of adjustment, with a target of $2,905, or even further testing the blue support area below at around $2,879.
Based on the overall trend and the current key resistance level, it is advisable to be cautious in chasing highs in short-term operations, pay attention to the effectiveness of the breakthrough of $2,950 and the support strength of $2,930, and consider short-term layout of long orders when there is a pullback support level, but if it falls below $2,930, it is necessary to be alert to the increased risk of pullback. Overall, gold is still in a strong trend, but it has entered the key resistance area in the short term, and it is necessary to pay close attention to the market reaction.
Trade active
The overall trend of gold is still in the upward channel. The current trend is mainly to do more on the pullback, but we need to pay attention to the upper resistance pressure. In the short term, it was blocked and fell back at the 2947 line. It is currently testing the support near 2930. If this position stabilizes, you can consider going long, and the upper targets are 2942 and 2950.
For the short side, it is still not advisable to rush to short before gold falls below the upward channel. The ideal short intervention area is around 2915. If it rebounds to the 2925-2930 range under pressure, you can consider shorting, and the lower target is around 2905-2912.
Overall, the current trend is mainly to do more at low levels, and we need to pay attention to whether the 2930 support is effective; if the channel is broken, the lower space may be further opened, and the short-selling idea can be gradually followed up.
Trade closed: target reached
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t.me/+tU_47UhRKa4yMmRh
✔️Real-time analysis of foreign exchange, gold, and Bitcoin
✔️Professional analysis layout
✔️Real-time trading guidance
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.