Technical analysis of gold: After stabilizing at 3222 yesterday, the rebound was weak and stopped at 3244. After the European session fluctuated, it fell below the 3200 integer mark and a diving market appeared. The lowest intraday price fell to 3168 US dollars. This means that the support of 3200 has failed, and the price of the disk has increased its retracement. The saturated and sinister closing of the daily line means that there is still room for continuation during the day! After gold fell below 3200 this week, the current trend is as shown in the figure. The end of this wave is tentatively set at around 2950. There may be a rebound during the period, but it is only a rebound. After the news fades, it is a rebound in the analysis after the 9th of this month. It emphasizes that the gold price of 3500 is a top to look at the retracement, and also gives a short-selling strategy and a staged support position below. Now that the support level has been broken one after another, we can continue to look at the target according to the trend.
Now let's make a brief analysis of the hourly chart. Gold prices must be repaired after a sharp drop. One is to adjust and repair by shocks, and the other is to rebound and repair. Under this extreme downward trend, gold does not have the conditions to rebound, so I think the rebound here at 3120 is just caused by some short orders choosing to sell at a profit, so the market will continue to fall. Now the upper side mainly focuses on two positions. The first is the previous low point of 3168 during the decline, and the other is the starting point of the early trading wave near 3192. If the rebound does not exceed these two positions, we can continue to see gold testing or even breaking the just low point of 3120. The lower ladder support focuses on 3088. On the whole, today's short-term operation strategy for gold is to short on rebounds and to buy on pullbacks. The upper short-term focus is on the 3170-3192 line of resistance, and the lower short-term focus is on the 3120-3100 line of support. Friends must keep up with the rhythm.
Short position strategy:
Strategy 1: Short 20% of the position in batches near 3168-3172 in the early trading of gold, stop loss 10 points, target near 3140-3120, and look at 3100 line if it breaks;
Long position strategy:
Strategy 2: Buy 20% of the position in batches near 3100-3105 when gold falls back, stop loss 10 points, target near 3130-3150, and look at 3170 line if it breaks;
Now let's make a brief analysis of the hourly chart. Gold prices must be repaired after a sharp drop. One is to adjust and repair by shocks, and the other is to rebound and repair. Under this extreme downward trend, gold does not have the conditions to rebound, so I think the rebound here at 3120 is just caused by some short orders choosing to sell at a profit, so the market will continue to fall. Now the upper side mainly focuses on two positions. The first is the previous low point of 3168 during the decline, and the other is the starting point of the early trading wave near 3192. If the rebound does not exceed these two positions, we can continue to see gold testing or even breaking the just low point of 3120. The lower ladder support focuses on 3088. On the whole, today's short-term operation strategy for gold is to short on rebounds and to buy on pullbacks. The upper short-term focus is on the 3170-3192 line of resistance, and the lower short-term focus is on the 3120-3100 line of support. Friends must keep up with the rhythm.
Short position strategy:
Strategy 1: Short 20% of the position in batches near 3168-3172 in the early trading of gold, stop loss 10 points, target near 3140-3120, and look at 3100 line if it breaks;
Long position strategy:
Strategy 2: Buy 20% of the position in batches near 3100-3105 when gold falls back, stop loss 10 points, target near 3130-3150, and look at 3170 line if it breaks;
Trade active
Currently, gold can continue to be sold at 3230.
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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.
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.