Gold fell from its highs, can bulls counterattack again?

11 Şub

Gold fell from its highs today, but the overall trend has not changed in terms of long and short nature. The lower trend line supports 2790. If this position is not broken, gold is still in an upward trend, and the daily line turns into an ascending triangle to break through the upward pattern.
Gold's high today is 2942, and it continues to fall back to 2881, with a drop of 61 US dollars during the period. If the current decline is stopped and pulled back, the rebound demand is 50%, and the price is also in the 2915-2910 area. At present, the upper 2900 short-term resistance is under pressure, and this position is combined with the lower track of the channel to form a triangle consolidation.
Then the formation of this triangle consolidation area is more important. If the subsequent price stands above 2900 again and stabilizes, gold will fall into an upward market again, and the price may rise again to 2942, or even higher. Combined with the bullish trend of gold, the subsequent operation recommends that gold break through the triangle consolidation and stabilize above 2900 to arrange long orders.
As for the bearish side, combined with today's sharp drop, gold is still in a weak pattern. Although the price has rebounded, the strength is still insufficient compared to the decline. We will continue to pay attention to the pressure in the 2915-2910 area. If this position forms an effective suppression, we can try to participate in the short position layout appropriately.

11 Şub

İşlem aktif

The upper resistance level is in the 2910-2915 range, while the lower support level is stable in the 2887-2882 range. Faced with such a market pattern, we need to remain calm and focus on long positions on pullbacks, while not forgetting the opportunity to rebound high. During the operation, be sure to set a stop loss point to control potential risks.

Operation strategy 1: It is recommended to buy at 2890-2886 on pullbacks, stop loss at 2875, and target at 2910-2925.

Operation strategy 2: It is recommended to buy at 2917-2923 on rebounds, stop loss at 2936, and target at 2905-2890.

12 Şub

İşlem kapandı: hedefe ulaştı

After gold fell from a high, the price rebounded strongly at 2981. This pattern tends to continue to rise after a short-term repair, so it is not advisable to rush to bearish. The 2980 area of ​​the gold hourly line has certain short-term support. After yesterday's decline, it rebounded quickly and repaired. There is not much room for short-term decline. The trend of gold still tends to accumulate further upward momentum.
Short-term support below 2884-2880
Short-term resistance above 2896-2900