Gold's 1-hour moving average continues to trend downward, and gold bears may continue to exert their strength. Although it remains volatile, the overall trend has begun to fluctuate downward, and each rebound in the 1-hour gold price has been under pressure.
On Thursday, the price briefly dipped below the 5-day moving average in Asian trading before stabilizing and rebounding. However, it broke below it again during the US trading session. Although it closed above the moving average, it failed to reverse the weak trend.
Currently, 3715 below has become the core support level. If it breaks through this position downward, the adjustment space may open further. The upper resistance will primarily focus on the pressure near 3760. If this position cannot be broken through strongly, the weak and volatile tone will continue.
Trading strategy:
Short around 3760, stop loss at 3770, profit range 3730-3720.
Short around 3760, stop loss at 3770, profit range 3730-3720.
Maintain this strategy before the release of the US PCE data. After the data is released, observe market trends and adjust the strategy.
On Thursday, the price briefly dipped below the 5-day moving average in Asian trading before stabilizing and rebounding. However, it broke below it again during the US trading session. Although it closed above the moving average, it failed to reverse the weak trend.
Currently, 3715 below has become the core support level. If it breaks through this position downward, the adjustment space may open further. The upper resistance will primarily focus on the pressure near 3760. If this position cannot be broken through strongly, the weak and volatile tone will continue.
Trading strategy:
Short around 3760, stop loss at 3770, profit range 3730-3720.
Short around 3760, stop loss at 3770, profit range 3730-3720.
Maintain this strategy before the release of the US PCE data. After the data is released, observe market trends and adjust the strategy.
With rich trading experience and precise operating strategies, we can transform every market fluctuation into an opportunity to make profits.
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Welcome to join my signal exchange channel: t.me/+5W95IZ8-mFUwY2Zh.
Related publications
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.
With rich trading experience and precise operating strategies, we can transform every market fluctuation into an opportunity to make profits.
Welcome to join my signal exchange channel: t.me/+5W95IZ8-mFUwY2Zh.
Welcome to join my signal exchange channel: t.me/+5W95IZ8-mFUwY2Zh.
Related publications
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.