XAUUSD: Wait for a rebound and choose to sell at a high level
Updated
Last Friday, as the performance of the US PCE data did not support the Federal Reserve's 50 basis point interest rate cut, the US dollar index rebounded and gold investors took profits, which caused the gold price to fall directly below the 2,500 round number mark. Considering that the U.S. market is closed today, the market fluctuations will not be too large, so we mainly do range-based sell-high and buy-low transactions.
Judging from the Fibonacci retracement indicator of this decline, the upper resistance is mainly in the 2504-2510 area. If the level is broken here, the gold price will return to the high area again and continue to try to set a new high, but this may be difficult today. Appear. The lower support is mainly in the early intensive support area 2470-2480.
So my strategy today is to sell high and buy low in this area. The gold price is now around 2500 points. If it continues to rise to the 2504-2510 area later, I will choose to sell first.
Today is not a major trading day because the U.S. market is closed. There will be multiple major data release days in the next few days this week. This is the key point. Everyone can relax today. We will trade if we have the opportunity. If there is no opportunity, we will not trade.
Resistance area: 2504-2510
Support area: 2480-2470
Judging from the Fibonacci retracement indicator of this decline, the upper resistance is mainly in the 2504-2510 area. If the level is broken here, the gold price will return to the high area again and continue to try to set a new high, but this may be difficult today. Appear. The lower support is mainly in the early intensive support area 2470-2480.
So my strategy today is to sell high and buy low in this area. The gold price is now around 2500 points. If it continues to rise to the 2504-2510 area later, I will choose to sell first.
Today is not a major trading day because the U.S. market is closed. There will be multiple major data release days in the next few days this week. This is the key point. Everyone can relax today. We will trade if we have the opportunity. If there is no opportunity, we will not trade.
Resistance area: 2504-2510
Support area: 2480-2470
Trade active
Gold prices are rebounding and moving towards the resistance area. Keep an eye on it and we will participate if there is an opportunity.Trade active
As I said in my article, the gold price has very little volatility when the US market is closed.
Our strategy today is to sell when it rebounds to the 2504-2510 area. The gold price just reached 2503, and now it has fallen slightly. It is a little regrettable that it has not entered our Sell range.
But we don't need to be discouraged. I said today that if the market is not volatile, we will do it if there is an opportunity, and give up if there is no opportunity.
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