Gold gapped up at the opening, touched 4379 and then plunged nearly $100 before rebounding quickly. The fluctuations in the Asian session alone are so drastic. In addition, today is Friday and there is a risk of market closure, so intraday trading needs to be more cautious.
From the news perspective, the expectation of a Fed rate cut provides liquidity support, Sino-US trade tensions and geopolitical risks stimulate safe-haven demand, and the weakening of the US dollar and economic uncertainty amplify the appeal of gold. Many investors continue to increase their holdings of safe-haven assets in a complex macroeconomic context, providing solid and strong support for the rise of gold.
Although short-term prices fluctuate frequently, they have not fallen below the daily MA5 and MA10 moving averages. Therefore, it should not be regarded as a trend reversal, but a market shakeout. Therefore, we maintain a trading strategy that is mainly bullish and supplemented by short selling.
From a fundamental perspective, multiple rebound attempts failed to break through, making the upper 4380-4400 range a short-term resistance range. The short-term trend has the tendency to form an M top, so I will give several long trading opportunities during the day.
First of all, we should pay attention to the first support formed by 4315-4305 below, which is also the 61.8% retracement position of gold. If it repeatedly circles this position in the short term without breaking, we can try to go long on gold. For the second chance, I would give the support level of 4290-4280 below, which is near the trend suppression and the 50% dividing line, as well as the 4H MA10 moving average. I think we can try to go long on gold again within this range. The last chance I would give is around 4200, the starting point of this round of rise. Even if gold retaliates and falls, we can still maintain good trading opportunities.
During the day, we can go long on gold in batches according to the strength of gold's retracement.
XAUUSD
From the news perspective, the expectation of a Fed rate cut provides liquidity support, Sino-US trade tensions and geopolitical risks stimulate safe-haven demand, and the weakening of the US dollar and economic uncertainty amplify the appeal of gold. Many investors continue to increase their holdings of safe-haven assets in a complex macroeconomic context, providing solid and strong support for the rise of gold.
Although short-term prices fluctuate frequently, they have not fallen below the daily MA5 and MA10 moving averages. Therefore, it should not be regarded as a trend reversal, but a market shakeout. Therefore, we maintain a trading strategy that is mainly bullish and supplemented by short selling.
From a fundamental perspective, multiple rebound attempts failed to break through, making the upper 4380-4400 range a short-term resistance range. The short-term trend has the tendency to form an M top, so I will give several long trading opportunities during the day.
First of all, we should pay attention to the first support formed by 4315-4305 below, which is also the 61.8% retracement position of gold. If it repeatedly circles this position in the short term without breaking, we can try to go long on gold. For the second chance, I would give the support level of 4290-4280 below, which is near the trend suppression and the 50% dividing line, as well as the 4H MA10 moving average. I think we can try to go long on gold again within this range. The last chance I would give is around 4200, the starting point of this round of rise. Even if gold retaliates and falls, we can still maintain good trading opportunities.
During the day, we can go long on gold in batches according to the strength of gold's retracement.
XAUUSD Trade active
Following Allen, we can easily achieve profit again and hit the target perfectly. The several long positions given during the day have all been verified to be successful.
Free trading signal group, real-time guidance please enter: t.me/AllenPrecise_analysis
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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.
Free trading signal group, real-time guidance please enter: t.me/AllenPrecise_analysis
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.