Gold Focuses On the Support Of 2695

Nov 6

🔶Yesterday, the price of gold fluctuated in a narrow range between 2748 and 2730, and finally fell sharply at 2743. The trend was consistent with yesterday's expectations. At present, the price of gold has dropped to 2701, recording a drop of about 40 points.

🔶From the daily line, the price of gold fell to the bottom support level of the upward trend channel, and currently formed a key support at 2695. If this position is effectively broken, it may form a short-term long-short trend conversion, and further downside targets will be around 2685.

🔶On the 4-hour chart, this sharp drop directly broke through the previous convergence and oscillation range and tested the lower edge of the wide range of oscillation. If there is a rebound in the short term, the pressure levels around 2725 and 2730 should be paid attention to.

🔶The 1-hour chart shows that the price of gold rebounded quickly after the decline, forming a V-shaped reversal, and the price returned to the wide range. This shows that market sentiment has been repaired in this range, but the bears are still dominant.

🔶Overall, the overall trend of gold still maintains the previous downward trend. After a short-term adjustment and repair, it is expected that the bearish market will continue, and there is still a possibility of further decline in the future.

🔴Short-term upper resistance range @ 2725-2730
🟢Short-term lower support range @ 2705-2715

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Nov 6

Trade active

🎯Strategy 1: Gold Sell 2708-2710, SL 6-8$, TP 2685-2655, Breaking position looks to 2740 line✅

🎯Strategy 2: Gold Buy 2638-2640 , SL 6-8$, TP 2655-2665, Breaking position looks to 2670 line✅

Nov 7

Trade closed: target reached