Core Viewpoint:
The gold market has entered a key long-short contention area after a sharp correction. The short-term trend will depend on the breakthrough direction of the 3260-3370 range. Investors are advised to adopt a range trading strategy and focus on the breakthrough of key support and resistance levels.
1. Key fundamental factors
Negative factors:
The US dollar continues to strengthen (the US dollar index rose 0.3%)
The easing of Sino-US trade tensions (China exempted some US goods from tariffs)
Weakened safe-haven demand (global geopolitical risks cooled down)
Potential bullish factors:
Uncertainty about the global economic outlook remains
If the US dollar corrects, it may boost gold prices
Technical buying at key support levels
2. Technical analysis
Daily level:
Key resistance: 3368-3370 (23.6% Fibonacci level)
Key support: 32 60-3280
Trend pattern: consolidation phase after high-level correction
MACD indicator: fast and slow lines cross, indicating short-term bearish
4-hour level:
Moving average system: MA5 (3315) and MA20 (3338) form suppression
Bollinger Band: Price runs below the middle track, and the lower track is supported at 3260
RSI indicator: close to the oversold area, need to be vigilant about technical rebound
3. Key price range
Upper resistance:
Short-term: 3315-3338
Strong resistance: 3343-3353
Key resistance: 3368-3370
Support below:
Short term: 3290-3300
Key support: 3260-3280
Strong support: 3200-3220
IV. Trading strategy suggestions
Interval trading strategy:
Buy low and sell high in the 3280-3330 range
If it breaks above 3330, you can go long with a light position, with a target of 3350-3370
If it breaks below 3280, you can consider going short, with a target of 3260-3220
Breakthrough trading strategy:
If it breaks through 3370, it may start a new round of rise
If it falls below 3260, it may accelerate the decline Go to 3200
Risk control:
Strictly set stop loss (50-80PIPS recommended)
Position control within 5%
Pay attention to the volatility opportunities before and after the opening of the US market every day
V. Focus on events
Economic data:
US GDP data
Federal Reserve interest rate decision
Non-agricultural employment data
Political events:
Progress of China-US trade negotiations
Geopolitical situation in Eastern Europe
News related to the US election
VI. Summary and suggestions
The gold market is currently at a critical turning point, and the large range of 3260-3370 will determine the future medium-term trend. Suggested investors:
Short-term traders: focus on trading opportunities in the 3280-3330 range
Medium-term investors: wait for the breakthrough confirmation of 3260 or 3370 before making a layout
Strict risk management: control positions and set stop losses
Trade active
From a technical perspective, the price of gold fell sharply from the high of $3336 in the Asian session to $3268, and bottomed out again at $3273 in the European session. During the US session, boosted by the weakening of the US dollar index, the price of gold bottomed out and rebounded. From the 2-hour chart, the bulls began to gain the upper hand, and it is expected that the US session and tomorrow's market will continue the upward trend. However, from the perspective of the medium-term trend, as long as the price fails to break through the 50.0%-61.8% Fibonacci retracement level of the $3260-3500 line (i.e. the $3380-3408 range), the overall bearish pattern will remain. In terms of short-term operations, the support levels below the US session are $3314-3312, and the strong support level is $3302; the short-term resistance level above is $3336-3340, and the strong resistance level is $3352. If the price successfully breaks through this point, it is expected to further impact the $3370-3380 range.
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🥇Gold price trend analysis and forecast
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🥇Gold price trend analysis and forecast
💹Technical analysis (K-line patterns, trend lines, indicator systems)
✅Gold's safe-haven properties and asset allocation strategy
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.
❤️Free gold trading signals:t.me/+YpPhxSuL0es5ZDE1
🥇Gold price trend analysis and forecast
💹Technical analysis (K-line patterns, trend lines, indicator systems)
✅Gold's safe-haven properties and asset allocation strategy
🥇Gold price trend analysis and forecast
💹Technical analysis (K-line patterns, trend lines, indicator systems)
✅Gold's safe-haven properties and asset allocation strategy
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.