Key price action within the gold trend channel
Gold prices have recently remained in an upward trend channel, with the current price at $2860.88, close to the upper rail resistance range.
The price trend of gold is currently in a stable upward trend channel, indicating that bulls are dominant. The upper rail (about $2880) and lower rail (about $2775) of the channel constitute short-term resistance and support areas respectively.
The key pullback positions of gold prices are concentrated around 0.382 ($2841.27) and 0.618 ($2815.25). These two levels are important areas of short-term support, especially when the price pulls back to the lower rail of the trend channel, strong buying opportunities may be formed.
Gold has recently walked out of a typical flag consolidation pattern, accompanied by multiple highs and lows, indicating that the overall upward trend of the market has not changed. However, it should be noted that the recent price fluctuations have increased, indicating that the bulls and bears have launched a fierce battle when approaching key resistance levels.
If the price breaks through the resistance of $2,880, it may further test the position of $2,900 or even higher.
If the price fails to effectively break through the resistance, it may pull back to $2,840 or even further test the support level of $2,815.
Risk and strategy:
Gold is currently affected by macroeconomic factors, especially the dynamics of the US dollar index and the Federal Reserve's interest rate decision. If market expectations continue to support safe-haven demand, gold will continue to be supported. Traders can consider placing long orders in the $2,840-2,850 range, while remaining vigilant when approaching $2,880 and flexibly adjusting their position strategies.
In summary, the gold price will maintain an upward trend in the short term, and it is more likely to break through the resistance, but attention should be paid to the effectiveness of the key support area.
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✔️Real-time analysis of foreign exchange, gold, and Bitcoin
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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.