Gold: How to trade after breaking through the resistance at 1823

After breaking through the resistance at 1823, gold rose to 1835, breaking through the resistance level near 1831 during the period. Currently, it is starting to fall. Since breaking through 1823, this level has changed from resistance to support, and the current support range is between 1822-1825. If it does not fall below this level, the short-term trend of gold will turn from bearish to bullish, with resistance levels at 1835, 1844, and 1858.

In addition, non-farm data will be released tomorrow. Based on today's data, there is a high probability that it will be bullish for gold. If both the technical and data aspects are bullish for gold, then gold will undoubtedly rise and is likely to test the previous high.

If the data is bearish but the market does not fall below 1804, the probability of a rebound is still high, so it is currently better to focus on the long side, as long as it does not fall below 1823.


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Comment:

Gold is still fluctuating above 1823 and has not yet fallen below this level.

Comment:

Gold prices are on the rise, with attention on resistance near 1835.

Comment:

As long as the short-term gold price doesn't fall below 1823, going long is the right strategy. Watch out for resistance near 1835, and if it can't be broken through, take profit on long positions and enter short positions. The profit-taking level can be set at 1830-1828.

Trade active:

Gold continues to rise, with long positions profiting.

Comment:

Gold's short-term upward trend has brought it near the resistance level of 1835 again. Conservative traders holding long positions may consider taking profits in the range of 1833-1836, while those willing to take risks may wait for the vicinity of 1842-1845.

Comment:

The non-agricultural data is potentially good for gold. The rise of gold breaks through the resistance of 1845 and 1860, so 1845 and 1860 turn into support. If the support is not broken, gold continues to be bullish. The next resistance is around 1875-1880