JackBlackwell Updated   
OANDA:XAUUSD   Gold Spot / U.S. Dollar
Judging from the daily structure, gold's two-week correction is still in the midst of a bullish correction. The golden section 0.382 support below is located near 2260. As long as it remains above 2260, the bullish pattern will remain strong. From a morphological point of view, gold's recent correction has completed two waves of adjustment: the first wave was corrected from 2431 to 2324, and the second wave was corrected from 2417 to 2291. It is currently in the third wave, adjusting downward from 2352, with the lowest point being 2277. The adjustment amplitude in the first two waves exceeded $100, so the adjustment amplitude in the third wave has obviously not been reached yet. Taking into account the golden section and the double bottom rising level, this decline is likely to complete the correction near 2267. Therefore, there is still the possibility that gold will continue to fall in the short term.

Today, gold continued to rise after hitting bottom, breaking through the suppression of the 10-day moving average of 2317. If the closing price is still below the 10-day moving average, the short-term correction will remain weak, and the bearish trend may continue tomorrow. On the contrary, if the closing position is above the 10-day moving average, the short-term trend will change, and a bullish rebound on dips should be considered to test the middle rail and channel counter-pressure points. At present, the 4-hour chart has touched the 60-day moving average, and we need to pay attention to its effectiveness. The annual moving average support has moved up to the 2270 line.

The key point today is the first-line resistance of 2330, which is the turning point of weak correction and the opening of the last wave of suppression. If 2330 is broken through, it may turn into a short-term long position. On the contrary, if 2330 is suppressed and returns below 2316, there may be repeated shocks.

Taken together, today's short-term gold operation advice is to focus on longs on callbacks, supplemented by shorts on rebounds. The top short-term focus is on the 2328-2330 resistance range, and the bottom short-term focus is on the 2292-2295 support range.
Gold Trading Strategies Reference

🎯Strategy 1: Go short when gold rebounds to around 2328-2330, stop loss 6 points, target around 2320-2310, break the position and look at the 2300 line✅

🎯Strategy 2: Go long when gold pulls back to around 2290-2292, stop loss by 6 points, target around 2310-2320, and look at the 2330 line if the position is broken✅

Market trends may undergo major changes at any time. Investors, please place orders with caution and manage account funds and positions reasonably. If you still have orders in hand and don’t know how to deal with them, or want to obtain real-time trading strategies, you can contact me at any time. t.me/+E35avIj6UBg5Mjll
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