Gold, range trading today
Updated
Gold, yesterday's high retreat, the daily cross, 4 positive pattern, although the pattern of positive lines is not large, but from the number of all can be to the last starting point. So 4 positive rise, more or less to the current trend pressure, in order to rise, it is necessary to correct the rise.
But from the strength of the rise and the point in time, the probability of forming a low in the short term is high.
The focus of the latter is still to be placed on the retracement to do more above.
Gold, yesterday a small continuation of the rebound, the daily closing is not high, probing high near 1975 under pressure to retrieve the cross K-line, the overall maintenance of the oscillation back and forth between 1952-1975 fluctuations, temporarily can not go unilateral, the dollar index along with the rush back down a step a pause walk, but also intensified the gold short-term oscillation amplitude. The daily cross closed flat, to the position of the key resistance point of contention, more or less sustainability is a problem, the short term may also continue to stage yesterday's repeated oscillations back and forth until the weekly closing.
Yesterday's continuation of the low rebound, but the closing is not strong, but also just inertia probe high after entering the pause shock correction, the previous high point 1985 is relatively close. This level is the second highest point of the step down is also a short critical point, close to some pressure. Today and tomorrow do not rule out the pressure under this level shock, repeatedly touching the high after not broken, then still recover the neutral value of the shock, h1 hourly chart relying on 1932 low to do a wave of rebound, yesterday in 1953 near the start of stability to promote the second rebound, the current small cycle is defined as a rebound, rebound wave shape is usually two waves, the current space is close to the release is complete, today's short term even if further higher, but space sustainability is a problem. More inclined to explore the high and fall back to the shock method, the operation of ultra-short term ideas to treat.
Resistance 1975-1985.
Support concern 1952-1955.
On the other hand, today requires attention to:
Retracement of the broken bottom, there is a continuous and large positive rise, on behalf of the low point support is effective, and the retreat will need to be treated as a secondary bottom to buy orders, while the previous low to do defensive support.
But from the strength of the rise and the point in time, the probability of forming a low in the short term is high.
The focus of the latter is still to be placed on the retracement to do more above.
Gold, yesterday a small continuation of the rebound, the daily closing is not high, probing high near 1975 under pressure to retrieve the cross K-line, the overall maintenance of the oscillation back and forth between 1952-1975 fluctuations, temporarily can not go unilateral, the dollar index along with the rush back down a step a pause walk, but also intensified the gold short-term oscillation amplitude. The daily cross closed flat, to the position of the key resistance point of contention, more or less sustainability is a problem, the short term may also continue to stage yesterday's repeated oscillations back and forth until the weekly closing.
Yesterday's continuation of the low rebound, but the closing is not strong, but also just inertia probe high after entering the pause shock correction, the previous high point 1985 is relatively close. This level is the second highest point of the step down is also a short critical point, close to some pressure. Today and tomorrow do not rule out the pressure under this level shock, repeatedly touching the high after not broken, then still recover the neutral value of the shock, h1 hourly chart relying on 1932 low to do a wave of rebound, yesterday in 1953 near the start of stability to promote the second rebound, the current small cycle is defined as a rebound, rebound wave shape is usually two waves, the current space is close to the release is complete, today's short term even if further higher, but space sustainability is a problem. More inclined to explore the high and fall back to the shock method, the operation of ultra-short term ideas to treat.
Resistance 1975-1985.
Support concern 1952-1955.
On the other hand, today requires attention to:
Retracement of the broken bottom, there is a continuous and large positive rise, on behalf of the low point support is effective, and the retreat will need to be treated as a secondary bottom to buy orders, while the previous low to do defensive support.
Trade active
Today began with resistance pressure at 1983, not too far from where we were in 1985. It's over for today. Look for the non-farm payrolls data tomorrow. We'll see you tomorrow.
Related publications
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.