Gold Spot / U.S. DollarUpdated Gold surges and adjusts
After gold adjusted horizontally last week, the trend broke through and rose based on news stimulation. The price continued to rise to the 3000 line. The pattern also changed from a wide range to a triangle convergence breakthrough.
The current trend is short-term surge adjustment, the hourly line and 2990-2980 are repeatedly pulled, and the upper 3000 point line resistance is under pressure. The short-term vaguely forms a head and shoulders top pattern. If the lower 2980-2976 line falls below, then the lower side will test the 2960-2956 regional support.
Upper short-term resistance 2995-3000
Lower short-term support 2980-2976
Overall, gold is rising and rising, and there is a need for short-term price adjustment. From the trend point of view, it still maintains a strong trend. In terms of operation, it is recommended to short at high levels as a supplement, and to make deep corrections as a supplement.
Today's operation suggestion:
Bulls suggest that gold pulls back to the 2960-2956 area and has a low-multiple layout. The trend falls below and stabilizes below 2950 as the basis for stop loss. The upward targets are 2980, 3000, and 3020.
Short-selling suggestions: Gold is under pressure in the 2990-2995 area and a light position is tested for shorting, with a stop loss of 3005. The downward target depends on the break of 2980, and then gradually follow up the 2960 line.
Trade active
Gold is currently trending higher, currently testing the 3,000-point high. If it fails to rise here, it will still form a narrow sideways consolidation.
The overall trend is strong, and the idea of low-multiple correction is still the main one.
If it falls back and weakens now, wait for the 2,980-line support to stabilize before making a long layout.
If it breaks through the 3,000-point line, it is necessary to adjust and accumulate momentum before participating in the long position.
Trade closed: target reached
Gold fell under pressure at the 3000-point level and is currently testing the support of 2982-2980 below.
This is also near the support line of the hourly line. If this position holds, the horizontal range will continue in the future. 3000 points will form a high point in the short term. If a second turning point is formed and the price breaks down again, the market will fall into a large-scale decline and repair stage.
If you want to go long again, you have to wait for the 2960-point support to stabilize.
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Free Signals ：t.me/+HWbck2OfiTtkMGMx
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.