✅Gold closed at a high cross star after three consecutive positive daily lines, and the volume remained in a state of large volume. The 5/10-day moving average rose steeply at 75° (typical unilateral market characteristics), and the dynamic support moved up to 2975. According to the channel theory, after breaking through 3004, the theoretical target points to 3036 (Fibonacci 161.8% extension level)
✅From the four-hour chart, the gold price entered the ABC correction after completing the five-wave push (2850-3004), and is currently at the end of the C wave (2884-current price). From the one-hour chart, 2978-3001 forms a symmetrical triangle, or faces a direction decision window. The European session hit a high and fell back to form a Bull Trap, and the US session needs to pay attention to the 2982 neckline defense.
✅Trading strategy
1. Main strategy: Breakout and pullback to long
Trigger condition: Price stabilizes above 2996 and 1-hour closing is greater than 3001
Opening position: 2998-3002 range, stop loss 2988, target 3032-3036
2. Secondary strategy: False breakout and reverse short
Trigger condition: Bearish engulfing appears on 15-minute chart + trading volume > 120% of daily average volume
Opening position: 3006-3010 range, stop loss 3015, target 2985-2978
🔹Trading strategies are time-sensitive. We will provide real-time and accurate trading strategies based on market changes. Please stay tuned🤝
Trade active
If the Asian session holds at 3005, there is a chance that it will reach around 3025
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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.
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.