This price correction began near the upper Bollinger Band at 3760, reaching a low near the lower Bollinger Band at 3722. It's currently rebounding slightly and trading near the middle Bollinger Band. The 1-hour MA20 moving average is converging with the middle Bollinger Band, indicating the possibility of further price adjustments in the short term.
Gold's 1-hour moving average is sloping downward, and the price is currently fluctuating around the low of 3735. Despite the bearish US initial jobless claims data, gold prices did not fall. Instead, they rebounded from around 3722 to 3745 before falling under pressure. As of now, it has not broken through the important support level of 3715. This level is a key focus in the short term.
From the 4-hour perspective, the effective support below is still maintained around 3715, which is consistent with the 1-hour line support. The upper pressure is focused around 3755. The short-term operation strategy of maintaining range fluctuations remains unchanged.
Trading strategy:
Go long around 3715, stop loss at 3705, profit range 3740-3750.
Short around 3755, stop loss at 3765, profit range 3725-3710.
Gold's 1-hour moving average is sloping downward, and the price is currently fluctuating around the low of 3735. Despite the bearish US initial jobless claims data, gold prices did not fall. Instead, they rebounded from around 3722 to 3745 before falling under pressure. As of now, it has not broken through the important support level of 3715. This level is a key focus in the short term.
From the 4-hour perspective, the effective support below is still maintained around 3715, which is consistent with the 1-hour line support. The upper pressure is focused around 3755. The short-term operation strategy of maintaining range fluctuations remains unchanged.
Trading strategy:
Go long around 3715, stop loss at 3705, profit range 3740-3750.
Short around 3755, stop loss at 3765, profit range 3725-3710.
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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.
Market analysis accuracy rate is 76.381%, leading the team to 300% market profit. Welcome to join.
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.