Gold strategy and analysis ideas for next MondayHello traders,
Analysis of gold next week: From a technical perspective, after the Federal Open Market Committee (FOMC) meeting, gold was suppressed near the 50-day moving average (SMA), and the oscillator indicators on the daily chart sent negative signals, which is bearish. Having said that, gold has not yet fallen below the $2,300 mark, which deserves to be treated with caution. Therefore, it is obvious that gold did not fall below the 2,300 mark strongly. After a brief test of 2,295 in the early hours of Thursday, it started a rebound pattern!
On the bull side, gold continued to rise on Friday and consolidated its gains. Currently, gold is still hovering at a high level and cannot fall. Gold bulls are still relatively strong. Yesterday, gold still did not break through the high of 2341. It was only due to insufficient momentum in the second half of the night, but it does not mean that it cannot break through next Monday, because the current bullish trend is already very obvious. Without external stimulation, gold cannot have a unilateral decline. Therefore, after gold falls back next Monday, go long. The upper target will first look at the 2341 pressure level!
From a technical perspective, gold has stabilized on the moving average support since it bottomed out and has also shown an upward trend. It is expected that a new round of pull-ups will begin after the moving average crosses on Monday next week. Based on the overall market, short-term operations in the later period can only go long! The primary support level below is the 2300 line, and you can start the layout when you reach it for the first time! The short-term target is directly at the 2341 line. After breaking through and stabilizing, it will fall back and increase positions. The ultimate target of the band is the retracement level of 2350 of the previous unilateral decline wave 0.618!
Gold strategy: (short-term range, medium-term bearish trend)
Short around 2340, stop loss 2350, target 2295-2280
Short long at 2290, stop loss 2282, target 2335-3340