Gold's Glide to New Heights: Tracking the Rally Amidst Inflation
This week's contemplation on gold witnessed a continuation of its strong bullish trend, which was bolstered by last week's ADP and NFP data—every day marked new historic highs. The market opened this week with a drop followed by a surge, reaching a fresh historic peak at $2354, directly challenging the upper bound of the short-term uptrend channel.
Reflecting on last week's chart movements, a notable price bracket between $2291 and $2260 has emerged as a decisive range. Both Wednesday and Friday presented price actions that dipped before climbing higher.
Currently, gold is experiencing significant weekly trends with daily fluctuations easily reaching $35.
Post-NFP, the market is digesting the data, with Tuesday and Wednesday poised for higher volatility.
The upcoming CPI data will play a crucial role in determining whether the market can maintain its upward trajectory.
From a data perspective, gold has moved $292.29
in just 96 trading days of 2024—a substantial fluctuation when compared to the past five years.
Trading Thoughts:
Following the trend, I would consider long positions from dips, eschewing pullback buys due to their reduced referential value in wide-ranging volatility. Key levels to watch for entries include $2277, $2255, $2222, and $2134.
Regarding the larger cycle's weekly channel and bullish chart patterns,
potential market reference points range between $2463 and $2414, with an eye on the trend line near $2475. However, these are merely future reference points. For those contemplating short positions, it would be prudent to wait for a reversal behavior, a break below the trend line, or the formation of lower highs before entering short trades, as calculating a reasonable stop-loss position for shorts is challenging at present.
Reflecting on last week's chart movements, a notable price bracket between $2291 and $2260 has emerged as a decisive range. Both Wednesday and Friday presented price actions that dipped before climbing higher.
Currently, gold is experiencing significant weekly trends with daily fluctuations easily reaching $35.
Post-NFP, the market is digesting the data, with Tuesday and Wednesday poised for higher volatility.
The upcoming CPI data will play a crucial role in determining whether the market can maintain its upward trajectory.
From a data perspective, gold has moved $292.29
in just 96 trading days of 2024—a substantial fluctuation when compared to the past five years.
Trading Thoughts:
Following the trend, I would consider long positions from dips, eschewing pullback buys due to their reduced referential value in wide-ranging volatility. Key levels to watch for entries include $2277, $2255, $2222, and $2134.
Regarding the larger cycle's weekly channel and bullish chart patterns,
potential market reference points range between $2463 and $2414, with an eye on the trend line near $2475. However, these are merely future reference points. For those contemplating short positions, it would be prudent to wait for a reversal behavior, a break below the trend line, or the formation of lower highs before entering short trades, as calculating a reasonable stop-loss position for shorts is challenging at present.
Use your rational plan to reap future benefits!!!
感谢你的查阅，这个市场上的每个人都想赚钱，所以他们不愿意错过任何机会。
没有人知道顶部在哪里，但底部应该是最好的发现，但泡沫的彩虹也可以骗人，注意安全交易！ ！
希望你能赶上！！！ 你的关注是我分享的动力，我致力于打造PVP陪伴交易。
你也可以通过Tradingview私信我，一起交流更多的交易产品分析。
或通过Wechat跟我联系交流「wechat ID：stephenonline」
感谢你的查阅，这个市场上的每个人都想赚钱，所以他们不愿意错过任何机会。
没有人知道顶部在哪里，但底部应该是最好的发现，但泡沫的彩虹也可以骗人，注意安全交易！ ！
希望你能赶上！！！ 你的关注是我分享的动力，我致力于打造PVP陪伴交易。
你也可以通过Tradingview私信我，一起交流更多的交易产品分析。
或通过Wechat跟我联系交流「wechat ID：stephenonline」