Gold recovers and rebounds
Updated
Yesterday, after the decline, the price of gold stopped falling and pulled back at the 2605 line, forming a horizontal range. Entering today's Asian session, the price rose slowly, successfully breaking the previous downward trend line suppression, and ended the decline in the short term.
From the daily chart, gold has shown two consecutive positive trends, but the upper 2675 line is still under great pressure, while the lower 2605 line is the key support level. The hourly line shows a slow upward trend and forms a short-term upward channel, with the bottom low gradually rising.
Overall, gold has entered the repair stage after a sharp decline. In the big trend, it is still necessary to keep an eye on the high-level wide range. In terms of operation strategy, it is recommended to focus on short-term trading. In the short term, pay attention to the support of the 2630 line below. If the price breaks below this position, you can participate in the short position with the target pointing to the 2605-2600 area.
At the same time, pay attention to the resistance near 2640-2642. If the price can stabilize at this position in the short term, you can consider participating in a short-term long strategy, focusing on key points such as 2652, 2658 and 2668.
If my analysis can promote your trading decisions, please like and leave a message to support. Your participation will motivate me to continue sharing valuable insights. Thank you!
Trade active
The current gold trend is still in a slow rise phase, and the price is suppressed by the top of the channel near 2656. In the short term, the gold price has risen to 2654 and then fell back, testing the 2645 first-line support below. If this support level breaks, gold will end the current slow rise phase and may test the bottom of the channel 2636 and 2630.
It should be noted that the current short-term rise has not formed an obvious turning point, so it should be cautious in operation and avoid blindly chasing highs. Investors should pay close attention to the performance of key support levels so as to adjust their trading strategies in time. Overall, maintaining a cautious attitude and paying attention to market dynamics will help to better grasp the trend of gold.
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.