Gold is accumulating momentum at a high level
The green channel in the 1-hour gold shows that the price of gold is in an upward trend in the near term, showing an obvious upward channel structure. The price has tested the upper and lower edges of the channel many times, indicating that the market has recognized the effectiveness of the channel.
From the recent trend, we can see that after the price formed a low point at 2,733.60, it began to fluctuate upward and reached a stage high at 2,817.41. Subsequently, there was a significant correction, with the lowest retracement to around 2,774.06. After that, the price rose along the channel again and broke through the previous resistance level. This trend is in line with the typical "wave-like" upward trend, that is, rise-retracement-rise again.
The red trend line reflects the short-term fluctuation rhythm of the price. The current price is close to the middle and upper area of the channel and is fluctuating around 2,865. From the perspective of form, this may constitute a "flag consolidation" or a short-term "symmetrical triangle". Usually this is a trend continuation pattern, and further upward breakthroughs may follow.
Short-term resistance:
2,870 (previous small high)
2,890 (psychological barrier)
Support:
2,850 (recent low point)
2,820 (the confluence of the lower edge of the channel and the previous support)
Overall, the technical structure of gold is still biased towards bulls, but attention should be paid to the performance of prices in the resistance area. If the 2,870-2,890 range can be broken, it may accelerate towards the target of 2,900 or even higher; if the price falls below the channel support, it is necessary to be alert to the risk of further adjustments.
Suggestion: Aggressive investors can try long orders with light positions near the short-term support level, while conservative investors should wait for the price to effectively break through before entering the market. Stop loss can be set below the lower edge of the channel.
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✔️Real-time analysis of foreign exchange, gold, and Bitcoin
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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.