Gold short-term rebound repair
Updated
The current gold price rebounded from a low level, but it is still in the adjustment range. Although it has risen in the short term, the market is under great pressure in the resistance area of 2630-2640. The formation of this area is due to the fact that the price has rebounded and pulled back many times here before, showing the market's sensitivity to this level.
If the gold price continues to rise and breaks through 2630-2640 after adjustment, it may test the resistance level near 2655 next. This price point is also important. If it breaks through, it may provide support for the subsequent rise. However, if the price fails to break through and falls below 2630, it is necessary to continue to pay attention to the short trend, especially in the context of changing market sentiment and the release of economic data.
In terms of operation strategy, it is recommended that traders pay close attention to the continuation of narrow fluctuations. If the gold price rises and falls below 2630, you can consider continuing to be bearish and looking for suitable selling opportunities. On the contrary, if the price can stabilize near 2633-2638 and form an upward breakout pattern, short-term operations can consider turning to longs and seize possible rebound opportunities.
Overall, the current gold market is near a key technical level, and short-term fluctuations will be affected by market sentiment, economic data and technical patterns.
If the gold price continues to rise and breaks through 2630-2640 after adjustment, it may test the resistance level near 2655 next. This price point is also important. If it breaks through, it may provide support for the subsequent rise. However, if the price fails to break through and falls below 2630, it is necessary to continue to pay attention to the short trend, especially in the context of changing market sentiment and the release of economic data.
In terms of operation strategy, it is recommended that traders pay close attention to the continuation of narrow fluctuations. If the gold price rises and falls below 2630, you can consider continuing to be bearish and looking for suitable selling opportunities. On the contrary, if the price can stabilize near 2633-2638 and form an upward breakout pattern, short-term operations can consider turning to longs and seize possible rebound opportunities.
Overall, the current gold market is near a key technical level, and short-term fluctuations will be affected by market sentiment, economic data and technical patterns.
Trade active
Gold rebounded from a low position in a narrow adjustment. It rose after the opening of the US market. I have also given a hint before. It will break upward in the short term.
Those who have participated in the buy order should pay attention to the upper resistance of the previous range at 2642. If it breaks upward here, it will test 2652-2655.
If you find this analysis useful, please like and comment to show your support! Your participation really inspires me to continue sharing valuable insights. Thank you
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.