Gold continues to be bullish after pullback

winner-2004 Updated   
FXOPEN:XAUUSD   Gold Spot / U.S. Dollar
Gold Trend Analysis: Gold prices have been trending upward since late March, and prices continue to attract buying around these levels. While the uptrend in the RSI has been broken, showing a weakening upward momentum, it is difficult to be too bearish on gold prices at the moment until we see prices finally break out of the uptrend. If the price remains above the trendline, traders can take advantage of a drop to that level to enter a long position and set a stop loss to protect profits, with the goal of pushing the price back to the previous record high. However, if the trend line is breached, there is a risk of a reversal.

Judging from the 60-minute chart, gold is currently in a divergent upward channel, and the price has not fallen below the channel, so the current strategy is to buy near the rising trend line. If the price next breaks through the 2372 resistance level, then the price will continue to rise, and the upper resistance level will be in the 2390-2400 range. But pay attention to the 2319 resistance level below. If the price falls below 2319, long positions can stop losses first.

The price just fell to the lowest point near 2324, but soon returned to the upward trend line, indicating that the trend has not changed and continues to be bullish.

The current price trend is developing as I predicted, and it is only a matter of time before it breaks through 2372. I don’t recommend that you go short now.

At present, the price has begun to hit 2372, which is consistent with my prediction. I hope to break through as soon as possible and continue the upward trend.

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