XAUUSD: 1938-1952 Range Trading
Updated
https://www.tradingview.com/x/ljxuWCI0/
Today, the CPI data is good for gold bulls, but instead of rising, it fell, indicating that the bears are very strong.
It fell from 1971 to 1941, with a drop of $30 in the middle, and it is now very close to the previous low of 1938. The deviation in the technical form is already very large, and it needs to be repaired. Usually, the previous low will be supported. Therefore, the probability of directly falling below 1938 is not high.
In the 1h chart, it is still suppressed by MA5, and the third line of KDJ begins to flatten, indicating that the decline is weakening.
In the 30m chart, the moving average is arranged short, and the slope of the dfii line of MACD slows down. If the price goes down again, the probability of forming a bottom divergence is very high.
Now, my trading point of view is in the 1938-1952 range, sell high and buy low, carry out swing trading, wait for the announcement of PPI tomorrow, the market may fall again, and the support of 1938 should be lost.
Today, the CPI data is good for gold bulls, but instead of rising, it fell, indicating that the bears are very strong.
It fell from 1971 to 1941, with a drop of $30 in the middle, and it is now very close to the previous low of 1938. The deviation in the technical form is already very large, and it needs to be repaired. Usually, the previous low will be supported. Therefore, the probability of directly falling below 1938 is not high.
In the 1h chart, it is still suppressed by MA5, and the third line of KDJ begins to flatten, indicating that the decline is weakening.
In the 30m chart, the moving average is arranged short, and the slope of the dfii line of MACD slows down. If the price goes down again, the probability of forming a bottom divergence is very high.
Now, my trading point of view is in the 1938-1952 range, sell high and buy low, carry out swing trading, wait for the announcement of PPI tomorrow, the market may fall again, and the support of 1938 should be lost.
Trade active
Trade active
It met resistance in 1952, fell backTrade active
PPITrade active
Later I will update today's trading signals
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