Last week, the price of gold sharply declined after hitting the resistance level of $3,500, dropping to around $3,260 at its lowest point. The weekly chart closed with a bearish inverted hammer candlestick pattern, suggesting a sharp short-term downward momentum. However, on Friday evening, the gold price rebounded near the support level of $3,260 and regained the $3,300 mark. Combining the current fundamental and news-driven analysis, gold remains in an overall upward trend:
Technical Analysis
Although the weekly inverted hammer pattern indicates selling pressure at higher levels, the rapid rebound from the bottom to reclaim the key $3,300 level signals the persistence of bullish momentum. If the short-term decline fails to effectively break below the strong support at $3,250, the gold price has the potential for a rebound.
Trading Strategy
Next week, it is recommended to adopt a bullish bias and focus on long positions. Consider entering near $3,283, with a stop-loss set below $3,260. The upper resistance levels are sequentially $3,331 (short-term resistance) and $3,370 (target after breakthrough).
Risk Warning
Be vigilant against shocks to gold prices from sudden geopolitical news or changes in Federal Reserve policy expectations, and strictly control position sizing and stop-loss levels.
I hope this strategy will be helpful to you.
When you find yourself in a difficult situation and at a loss in trading, don't face it alone. Please get in touch with me. I'm always ready to fight side by side with you, avoid risks, and embark on a new journey towards stable profits.
Technical Analysis
Although the weekly inverted hammer pattern indicates selling pressure at higher levels, the rapid rebound from the bottom to reclaim the key $3,300 level signals the persistence of bullish momentum. If the short-term decline fails to effectively break below the strong support at $3,250, the gold price has the potential for a rebound.
Trading Strategy
Next week, it is recommended to adopt a bullish bias and focus on long positions. Consider entering near $3,283, with a stop-loss set below $3,260. The upper resistance levels are sequentially $3,331 (short-term resistance) and $3,370 (target after breakthrough).
Risk Warning
Be vigilant against shocks to gold prices from sudden geopolitical news or changes in Federal Reserve policy expectations, and strictly control position sizing and stop-loss levels.
I hope this strategy will be helpful to you.
When you find yourself in a difficult situation and at a loss in trading, don't face it alone. Please get in touch with me. I'm always ready to fight side by side with you, avoid risks, and embark on a new journey towards stable profits.
Trade active
Today, the gold market continues its sideways oscillation trend. The trading strategy we formulated in advance precisely matches the market rhythm, and we have successfully reaped several rounds of substantial profits. In the follow-up, our team will continue to closely monitor the changes in the market and deeply explore potential profit opportunities.Special reminder: A number of important economic data will be intensively released this week, and market volatility may increase significantly. It is recommended that everyone trade with caution and strictly control risks.
We share various trading signals every day, with an accuracy rate of over 90%.
Fans who follow us can obtain high returns every day.
If you have any questions, please feel free to contact me.
t.me/+ecBe8sCoopZhM2Nk
Fans who follow us can obtain high returns every day.
If you have any questions, please feel free to contact me.
t.me/+ecBe8sCoopZhM2Nk
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.
We share various trading signals every day, with an accuracy rate of over 90%.
Fans who follow us can obtain high returns every day.
If you have any questions, please feel free to contact me.
t.me/+ecBe8sCoopZhM2Nk
Fans who follow us can obtain high returns every day.
If you have any questions, please feel free to contact me.
t.me/+ecBe8sCoopZhM2Nk
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.