Gold prices rise after adjusting from high levels

Feb 13

The price of gold (XAU/USD) shows a clear upward trend on the 1-hour chart. From the overall trend, the price of gold rebounded from the $2772 level and gradually climbed in the following hours, breaking through several key support and resistance levels, showing strong bullish momentum.

As we can see from the chart, the price of gold has formed multiple highs and lows, which are located in key price ranges such as 2812, 2838 and 2879. After each price correction, buying power can be found in these support ranges, further pushing prices up. 2942 is the current highest point, showing that the market has risen strongly, but there has been a short correction since then, indicating that the market is going through a consolidation phase.

According to the current trend, the price of gold is already in an ascending triangle pattern, which usually indicates that the price may break through the current range and continue to rise. The existing support level is near 2879 and 2838, and the resistance level is 2942. Breaking through this position may usher in new room for growth. If the price falls back to the support level and rebounds, it may provide further buying opportunities.

Combined with the current trend of gold prices, short-term shocks and consolidation, it can be expected that if the gold price breaks through the 2942 resistance level, the price may continue to rise and further challenge the new high. On the contrary, if it falls below the support level, it may trigger a deeper price adjustment. In short, the gold market sentiment is still biased towards bulls, but there may be some shocks and corrections in the short term, and it is necessary to operate flexibly according to the actual situation.

Buy long orders in the 2910-2912 area below the gold correction, with an upward target of 2925-2930, and a break below 2900 is the defensive basis.
Try to short gold in the 2930-2935 area under pressure, with a downward target of 2915-2920. Stop loss 2943.

Feb 13

Trade active

The data released in the evening was bearish for gold as expected, but the decline was not obvious for the time being, indicating that the bullish trend of gold is still strong. After the correction, the market outlook is still dominated by long trading ideas.
However, the current price is not suitable for continuing to chase more, and a deep correction is needed. Pay attention to the 2900-2894 area below.
In the short term, the gold price rebounded quickly after testing 2910 for the second time. This position is also a good opportunity for longs to intervene in the short term.
In the short term, pay attention to the 2925-2930 resistance area above.

Feb 13

Trade closed: target reached

The current trend is in the sideways consolidation of the US market. Stimulated by the evening news, the gold price trend is rising instead of falling, but this undoubtedly forms a weak bull situation. At present, the upper 2922 line of resistance is under pressure, and the lower 2910 line of support.
It is expected that the market will continue to fluctuate in a narrow range in the future, but the price is not suitable for long positions at this position. Short-term operations are recommended to short under pressure in the 2920-2922 area, stop loss at 2930, and downside targets at 2910 and 2905.