11.14 Analysis of short-term gold operations
Updated
Gold Technical Analysis
On the daily chart, gold is currently trading near a key trendline near $2,600. Buyers enter here with a clear risk below the trendline to position for a rally to new highs. On the other hand, sellers would like the price to break below this level to increase bearish bets, targeting the next trendline support around $2,550.
On the 4-hour chart, a stronger support around $2,600 can be seen more clearly, with the support zone formed by the previous swing low and the trendline together. There is also a downward trendline currently defining the existing bearish momentum. In the event of a pullback, sellers may use this opportunity to position to push the price below the primary trendline; while buyers will look for an upward breakout to increase bullish bets and challenge new highs.
On the 1-hour chart, there is another secondary downward trendline defining the bearish momentum in this timeframe. More aggressive sellers may position here to push the price below the primary trendline; while buyers will look for a breakout to the upside to target a pullback to the next downward trendline.
On the daily chart, gold is currently trading near a key trendline near $2,600. Buyers enter here with a clear risk below the trendline to position for a rally to new highs. On the other hand, sellers would like the price to break below this level to increase bearish bets, targeting the next trendline support around $2,550.
On the 4-hour chart, a stronger support around $2,600 can be seen more clearly, with the support zone formed by the previous swing low and the trendline together. There is also a downward trendline currently defining the existing bearish momentum. In the event of a pullback, sellers may use this opportunity to position to push the price below the primary trendline; while buyers will look for an upward breakout to increase bullish bets and challenge new highs.
On the 1-hour chart, there is another secondary downward trendline defining the bearish momentum in this timeframe. More aggressive sellers may position here to push the price below the primary trendline; while buyers will look for a breakout to the upside to target a pullback to the next downward trendline.
Trade active
SELL: 2590 Defense 2600
Target: 2580 2570
Trade closed: target reached
The first goal has been achieved and the profit is 10 points.
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