🔶Yesterday, the price of gold fluctuated in a narrow range between 2748 and 2730, and finally fell sharply at 2743. The trend was consistent with yesterday's expectations. At present, the price of gold has dropped to 2701, recording a drop of about 40 points.
🔶From the daily line, the price of gold fell to the bottom support level of the upward trend channel, and currently formed a key support at 2695. If this position is effectively broken, it may form a short-term long-short trend conversion, and further downside targets will be around 2685.
🔶On the 4-hour chart, this sharp drop directly broke through the previous convergence and oscillation range and tested the lower edge of the wide range of oscillation. If there is a rebound in the short term, the pressure levels around 2725 and 2730 should be paid attention to.
🔶The 1-hour chart shows that the price of gold rebounded quickly after the decline, forming a V-shaped reversal, and the price returned to the wide range. This shows that market sentiment has been repaired in this range, but the bears are still dominant.
🔶Overall, the overall trend of gold still maintains the previous downward trend. After a short-term adjustment and repair, it is expected that the bearish market will continue, and there is still a possibility of further decline in the future.
🔴Short-term upper resistance range @ 2725-2730
🟢Short-term lower support range @ 2705-2715
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Trade active
🎯Strategy 1: Gold Sell 2708-2710, SL 6-8$, TP 2685-2655, Breaking position looks to 2740 line✅🎯Strategy 2: Gold Buy 2638-2640 , SL 6-8$, TP 2655-2665, Breaking position looks to 2670 line✅
Trade closed: target reached
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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.