Key selection points in the gold rising channel
Gold prices have recently continued their fluctuations in the rising channel, and this trend provides traders with clear technical support and resistance levels. As can be seen from the figure, the price is running along a relatively steep rising channel, and has repeatedly touched the lower and upper edges of the rising trend line, forming regular highs and lows.
The boundaries of the rising channel clearly show that gold is currently constrained by trend support (lower edge) and pressure (upper edge). Recent lows such as 2,774 and 2,733 have tested the lower edge support of the channel, while highs such as 2,783 and 2,817 have fallen back after approaching the upper edge resistance.
In the short term, if the price can break through the upper edge resistance area of 2,820-2,830, gold may continue its upward trend and test new highs, with a target of around 2,850.
If gold fails to break through the current resistance and falls back, it may again test the lower edge support of the channel around 2,780-2,770, or even break the channel downward and enter a larger adjustment.
The peaks and troughs of the price gradually rise, indicating that the bullish momentum is dominant. However, in the short term, the price shows a certain resistance effect near the upper edge of the channel. Traders need to pay attention to whether the price will break through or fall back.
Trading suggestions:
Aggressive strategy: If the price breaks through 2,820, it is recommended to chase long, set the stop loss below 2,810, and the target is 2,850 or higher.
Conservative strategy: If the price pulls back to the 2,780-2,770 area, you can try to buy low, set the stop loss below 2,765 outside the channel, and look back to above 2,800.
Short strategy: If the price continues to weaken, you can participate in the short position layout under the pressure of 2820, with the target of 2790 and 2800. The stop loss is set above 2830.
Risk warning:
Note that the price of gold is greatly affected by the US dollar index, inflation data and geopolitics. Traders need to combine the resonance of fundamental dynamics and technical analysis to reasonably adjust their positions.
In summary, gold is currently at a critical technical choice point, and the future breakthrough direction will play a decisive role in the trend.
Trade active
After gold hit the support line of 2805, it rebounded in the short term. However, the upper high point of 2820 is under pressure. It is recommended to short on the rebound.
Sell gold @ 2820-2818
SL-2835
TP-2805
TP-2800
TP-2790
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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.