Gold will continue to rise

After the gold daily line experienced a wave of highs and declines and closed the extremely long upper shadow line, it closed negative again, with continuous negative lines falling back, and the disk price has returned to the original correction area. Regarding the next trend of gold, we need to pay attention to the following points: First, from the perspective of weekly structure, gold maintains an upward trend of adjustment every three weeks. Every time after three weeks of continuous rise, the market will adjust, and after the adjustment ends, it will start a new round of upward trend. Currently, the market price is in the correction stage after the weekly triple positive. As the weekly trend turned negative and turned positive last week, this indicates that the adjustment may not be completed yet, but the general upward trend remains unchanged. This week is expected to experience a retracement first, and then make arrangements at a low level, hoping that the weekly line will be positive.

Gold prices fell below $2,163 on Friday before quickly recovering above $2,163 in a false breakout. It fell back to around $2,163 today and then continued to rebound and rise. If the price breaks through $2,180, the uptrend will continue and long positions can be established with a first-stage take profit price near $2,200. I will continue to update my trading strategies later.

Comment:

Gold currently encounters huge resistance at $2,180. If it cannot break through $2,180, the price may fall back to around $2,168.

Comment:

Gold has encountered great resistance near $2,180 and is currently showing signs of falling. You can go short with a light position.

Comment:

At present, the price has effectively broken through the resistance range of 2180-2186 US dollars. The trading strategy is to wait for the price to fall back to the resistance level of 2178-2180 US dollars to go long.