Gold Technical Analysis
Daily chart resistance: 3650/3700, support: 3539
Four-hour chart resistance: 3680, support: 3612/3589
One-hour chart resistance: 3650, support: 3633
Gold News Analysis: Gold prices experienced a roller-coaster ride on Tuesday, volatile gains to new all-time highs before retracing gains. During the Asia-Europe session, gold prices fluctuated between 3630 and 3660. During the New York session, gold prices briefly reached a new all-time high of 3674 before falling back below 3630, ultimately closing at 3626. Despite the revised employment data released by the US Department of Labor falling short of market expectations, gold bulls took advantage of the opportunity to take profits. The rebound of the US dollar index from a near seven-week low and US Treasury yields from a near five-month low also gave gold bulls pause. Furthermore, the continued rise of US stocks to new all-time highs has slightly weakened gold's safe-haven demand. Investors are currently focused on the upcoming US inflation data this week, leading to increased wait-and-see sentiment.
Gold prices plunged sharply yesterday. Whether it's peaking or correcting to continue rising, the continuity of the bearish trend is crucial. Currently, we believe it will continue to rise after the correction. Therefore, the key to bullish and bearish trading is the 3589 area. A break below it would signal a market peak, at least on the daily chart.
Gold Trading Recommendations: Based on the current 4-hour analysis, short-term support is currently focused on the 3612-3589 range. The short-term bullish trend line has moved up to around 3589, and we should continue to follow the bullish trend from this level. Monitor support reactions at various levels and buy on dips.
Buy: near 3633
Buy: near 3612
Buy: near 3589
Daily chart resistance: 3650/3700, support: 3539
Four-hour chart resistance: 3680, support: 3612/3589
One-hour chart resistance: 3650, support: 3633
Gold News Analysis: Gold prices experienced a roller-coaster ride on Tuesday, volatile gains to new all-time highs before retracing gains. During the Asia-Europe session, gold prices fluctuated between 3630 and 3660. During the New York session, gold prices briefly reached a new all-time high of 3674 before falling back below 3630, ultimately closing at 3626. Despite the revised employment data released by the US Department of Labor falling short of market expectations, gold bulls took advantage of the opportunity to take profits. The rebound of the US dollar index from a near seven-week low and US Treasury yields from a near five-month low also gave gold bulls pause. Furthermore, the continued rise of US stocks to new all-time highs has slightly weakened gold's safe-haven demand. Investors are currently focused on the upcoming US inflation data this week, leading to increased wait-and-see sentiment.
Gold prices plunged sharply yesterday. Whether it's peaking or correcting to continue rising, the continuity of the bearish trend is crucial. Currently, we believe it will continue to rise after the correction. Therefore, the key to bullish and bearish trading is the 3589 area. A break below it would signal a market peak, at least on the daily chart.
Gold Trading Recommendations: Based on the current 4-hour analysis, short-term support is currently focused on the 3612-3589 range. The short-term bullish trend line has moved up to around 3589, and we should continue to follow the bullish trend from this level. Monitor support reactions at various levels and buy on dips.
Buy: near 3633
Buy: near 3612
Buy: near 3589
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💥Telegram Channel Free Updates 👉🏻
💥This a place for learning and communication. 👉🏻
💥Provide trading guidance.👉🏻
Telegram Channel👉🏻t.me/Actuary00group
💥This a place for learning and communication. 👉🏻
💥Provide trading guidance.👉🏻
Telegram Channel👉🏻t.me/Actuary00group
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.