Under the influence of recent tariffs and the Federal Reserve's interest rate cuts, the main trend of the gold market remains bullish, but from the weekly and monthly level analysis, there is a high probability that it will pull back again after this round of highs and maintain a large range of fluctuations at a high level. Technical analysis shows that gold currently does not have the conditions for a unilateral surge at the daily level. Although the key level of 3345 has been broken, the continuity of the market is extremely poor, and volatility is still the main theme. At present, the trend of gold has formed a converging triangle pattern, and it may rise again in the short term. However, we need to be vigilant that the weekly line may form a high-rise and fall pattern, and the price of gold may fall back to 3300! Therefore, in today's late trading, you can consider retreating to the 3335-3330 area to go long
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At the 4H level, it hit a high of 3374 in the early trading yesterday and then fell back. The European session tried to break through 3375 in a row but failed. It finally fell due to the exhaustion of momentum. The US session continued its decline, with the K-line recording three consecutive negative lines. The current 4H middle track of gold is around 3339, and it rebounded after retreating to around 3340 last night. There is a certain degree of support at this position currently. However, it is blocked at the 3355 line above. If it can break through 3355 in the morning, the bulls will further dominate.If it cannot effectively break through and stabilize above, the market will be at risk of turning around again and test the strong support of3335- 3330.Trade closed: target reached
Yesterday I reminded that there might be a short-term rise. At present, the gold price has successfully broken through the short-term resistance of 3355 and hit a high of 3365. However, the 1H Bollinger Band is closing and the upper track price is around 3368. Therefore, we still need to be wary of the impact of the weekly high and fall. At present, the 3358-3365 area constitutes short-term pressure. 3330 below is a strong short-term support, and 3320 is the moving average support. If the bears fail to effectively break below 3330-3320, the gold price may fluctuate repeatedly with the help of support. If events such as the Russia-Ukraine conflict and tariff escalation are digested by the market, it will be difficult for gold to grow too significantly. Therefore, in the short term, you can consider shorting at 3358-3365 and look to 3345-3333.📊Immersed in the trading market for many years, with professional analysis and guidance🎯the average account doubled within 2 weeks🤑. Be a wolf hunting in the trading market🐺never let go of the prey👇 join my wolf pack to get free signals👇
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📊Immersed in the trading market for many years, with professional analysis and guidance🎯the average account doubled within 2 weeks🤑. Be a wolf hunting in the trading market🐺never let go of the prey👇 join my wolf pack to get free signals👇
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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.