Gold trades in the range of 2165 support point - 2187 resistance
Updated
According to the one-hour trend of gold, the short-term indicator energy column continues to shrink, and all momentum is lost. The current price remains above the short-term moving average, and the support is also located at 2165. It retreated close to this level last night and then stabilized, eventually rebounding to the highest level. The 2186 point indicates that the support around 2165 is effective, but in the overall weak form, it is not ruled out that the support will not fall below. If it breaks below, then the short position may extend to the 2155-2150 area. Otherwise, if it does not break, the rebound will depend on 2186 resistance point
In the short term, sell on highs or buy on lows, trading ideas
gold:sell2180-2185
tp:2175-2170
sl:2190
Note
Gold rebounded from the early trading to the upper 2186 line and fell back. It is currently oscillating and hovering below the 2171 line. The main bulls and shorts are in a state of anxiety. The overall weak trend in the short term is very likely to further decline.Note
Affected by the Federal Reserve's expectation of maintaining interest rates three times, the price of gold continued to hit a record high in early trading yesterday, but then profit-taking began to occur and returned to below the 2200 mark. The retracement was still relatively strong, but still It is difficult to change the fact that the general trend is biased towards many parties. The current interest rate cut expectations will continue to provide benefits to gold prices, but whether the upper space can be further opened depends on the release of inflation data.Note
Gold continued its downward trend as expected today, and was under pressure near 2185 and fell back to around 2162 again, indicating that it has entered a correction phase in the short term. Now that gold has fallen back after rising high, the daily high has also closed with a long upward lead, which confirms that a large number of short sellers have suppressed it and has shown a peaking signal in the short term. Let's continue to look at the pullback first.Note
The price during the day continued to consolidate in the low range and then broke above 81 to form a one-hour bottom pattern. Following the daily bullish trend, we can sell after waiting for our strategic target of 2180 points.Note
For today, the main short-term support for gold is 2149.50, which is still far away from the current price, and the probability of breaking below is very small. Therefore, what I am concerned about for gold is how much it can rebound tonight, thus forming the high volatility of the 4-hour chart.Note
If it can reach above 2180, it can be sold. I believe in this strategy.
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