The upward trend will continue, target: 2670-2680Gold affected by bearish PMI data, initially pulled back to the 2642 level before rebounding sharply to a high of 2656. It has since slightly retreated but remains in a consolidation phase overall.
While gold's short-term bullish momentum has weakened somewhat, it is unlikely to establish a new downtrend in the near term. Recent pullbacks have consistently preserved the bullish structure, and during the rebound attempts yesterday and today, two long lower wicks have formed on the candlestick charts, signaling strong buying support below. Therefore, gold remains poised to break above the recent high of 2665 after this consolidation phase and extend its rally toward the 2670-2680 zone, or potentially even 2690.
Following today’s trading strategy, I entered a long position on gold at 2640 and manually closed it around 2659 to secure profits. Although I missed the opportunity to go long near 2642 after the PMI-driven pullback, I observed the formation of a W-bottom pattern on the 5-minute candlestick chart. This prompted me to re-enter a long position around 2646, and, given gold's current consolidation phase, I promptly closed the position at 2652 to lock in profits.
For upcoming trades, the candlestick chart shows an upward bias, and we will continue to prioritize long positions in short-term trading. However, the key support zone to watch has now shifted higher to the 2645-2635 range.
Bros, have you followed me and made a profit by going long gold? There will still be opportunities to participate in the long gold trade later. If you want to learn more detailed trading ideas and get more trading signals, you can choose to join the channel at the bottom of the article to make trading no longer difficult and make making money a pleasure!
