Look for a volatile upward correction of 4200-4220

2 days ago

Good morning, bros. Although the market did not provide us with suitable trading opportunities last night, this did not prevent the market from confirming Allen's advanced trading vision. Even if the long orders at 4060-4050 were stopped out, the gold price still fell back to around 4000 as expected. Continuing to go long can not only turn losses into profits in one fell swoop, but also ensure substantial profits. how is it? Although we were unable to participate in this transaction, the final trend and results always prove the high accuracy of Allen's advanced trading vision and strategic analysis.

As the candle chart closed with a long lower shadow that was nearly twice the length of the body, the short-term bottom was found near 4000. Therefore, I believe that gold may be in a state of volatile upward repair today. After a rapid decline and rebound this morning, the current price is once again around 4120-4130. Judging from the hourly chart, there is a rudimentary form of a head and shoulders bottom pattern in the short term. If the gold price retreats again, thus prompting the formation of a head and shoulders bottom pattern, then when the gold price falls back to around 4105-4095, we can also try to go long on gold with a light position. If gold continues to rise, we will pay attention to the performance of 4160-4170 above, which is both a short-term resistance and the daily MA10 moving average. If the bulls want to return to the market, they must first stand firm on the MA10 moving average to have greater hope. Therefore, this resistance range is also the focus of our short-term attention. Once it stabilizes above the MA10 moving average, gold will be expected to rebound to 4200-4220.

XAUUSD

2 days ago

Trade active

The current gold price fluctuates violently, sweeping up and down, so we should strictly follow the price behavior. Although the market didn't provide the expected entry opportunity between 4000 and 3990, rebounding after merely touching the daily middle line, causing us to miss out on some long profits, since gold broke out of its volatile upward trend and began to decline, bears still hold the majority of the market initiative in the short term. Therefore, if gold rebounds first and touches the upper resistance of 4090-4100 in the short term, we can consider shorting gold in line with the trend. But please note that the current market is in a volatile state, and the 4000-3990 support I suggested is still valid. If gold falls again and touches the support level for the first time, we can still consider going long on gold.