Gold rebounded. Has it reached its peak?

2 days ago

Gold has finally experienced its first pullback, falling from a high of 4058 to a low of around 3944, a drop of over 100 points. This marks the first significant pullback since the recent surge in gold prices. The main reason for the sharp pullback in gold prices is the strong dollar rally following the ceasefire agreement between Israel and Hamas, which allowed investors to take profits. Gold prices continued to fall from their highs, ultimately breaking below the 4000 mark, forming a short-term double top.

Affected by the sharp drop, the price of gold has effectively fallen below the 5-day moving average support, and the short-term moving average support function has become ineffective. After Friday's opening, gold prices traded between the 5-day and 10-day moving averages, entering a transitional consolidation range within the short-term moving average. The 5-day moving average has now turned upward, and the 10-day moving average has crossed the 20-day moving average, indicating a flat trend.

The price has currently rebounded near the lower Bollinger Band, and will remain within the upper middle band in the short term.

Short-term support levels: 3970, 3950.
Short-term resistance levels: 4000, 4015, 4030.

Trading strategy:

Short around 4005, stop loss at 4015, profit range 3960-3940.
Long around 3940, stop loss at 3930, profit range 4000-4010.

2 days ago

Trade active

The price is retreating from the target point. You can choose to take profit at a suitable point based on your account funds.