Gold Technical Analysis, February 17

📊Gold quickly recovered its early losses after testing 2878 in early trading and broke through 2893-2894 upwards, suggesting that the short momentum was exhausted. The 1-hour chart shows that it broke through the downward trend line + stepped back to the 0.618 Fibonacci level (2885), forming a short-term bullish structure. If it stands firmly in the middle track area of 2907-2911, the trend within the cycle will turn strong, otherwise the oscillating trend will continue.

🔴Upper resistance level:
-First: 2905
-Second: 2912
-Third: 2930

🟢Lower support level:
-First: 2885
-Second: 2878
-Third: 2865

✅Intraday trading strategy:
-If it effectively breaks through 2911, it can be regarded as a short-term bullish signal, with the target pointing to 2930-2940;
-If it falls under pressure, pay attention to the support strength of 2880-2878.

-If it effectively falls below 2860, we can short after the rebound, with the target of 2830-2800
-If the oscillating trend continues, we can buy low and sell high in the range of 2885-2905

✅Today is the President’s Day in the United States. The U.S. market will be closed. The trading volume in the gold market is very light. It is recommended to wait and see.