Currently, the upward momentum for gold is weakening. If gold wants to continue its upward trend, it still needs to patiently wait for a pullback opportunity. The strategy of placing long positions on Monday has successfully yielded good profits.
On Tuesday, after the Asian market opened, gold immediately retraced to the 4200 level. This downward move after consolidation is actually the market confirming the effectiveness of support. A valid pullback is necessary for a more stable upward move later. Currently, there is no significant resistance level for gold, and the overall outlook remains bullish in the short term.
The key support zone is concentrated in the 4200-4190 area, where the trend line and moving average intersect, and it is also an important defensive level for a stepped upward move. If the price breaks through the 4235-4245 resistance zone, a bullish position can be held patiently, targeting a breakout of the 4270 resistance level.
Note that a shooting star pattern with high volume appeared on the four-hour chart on Monday, indicating short-term selling pressure in the market. Only by stabilizing above 4270 can the upside potential to 4330-4380 be further unlocked.
Note:
If the price falls below the 4200-4190 support zone, we need to remain on the sidelines and avoid making any trades. With the downside potential opening up, a short-term pullback to the 4160-4140 Fibonacci retracement level is possible. This area will determine whether the upward trend can continue; pay close attention to any stabilization signals here.
Aggressive traders may consider initiating a small long position around 4200-4205. I will adjust my strategy flexibly based on market fluctuations and update the channel accordingly.
On Tuesday, after the Asian market opened, gold immediately retraced to the 4200 level. This downward move after consolidation is actually the market confirming the effectiveness of support. A valid pullback is necessary for a more stable upward move later. Currently, there is no significant resistance level for gold, and the overall outlook remains bullish in the short term.
The key support zone is concentrated in the 4200-4190 area, where the trend line and moving average intersect, and it is also an important defensive level for a stepped upward move. If the price breaks through the 4235-4245 resistance zone, a bullish position can be held patiently, targeting a breakout of the 4270 resistance level.
Note that a shooting star pattern with high volume appeared on the four-hour chart on Monday, indicating short-term selling pressure in the market. Only by stabilizing above 4270 can the upside potential to 4330-4380 be further unlocked.
Note:
If the price falls below the 4200-4190 support zone, we need to remain on the sidelines and avoid making any trades. With the downside potential opening up, a short-term pullback to the 4160-4140 Fibonacci retracement level is possible. This area will determine whether the upward trend can continue; pay close attention to any stabilization signals here.
Aggressive traders may consider initiating a small long position around 4200-4205. I will adjust my strategy flexibly based on market fluctuations and update the channel accordingly.
Trade active
As Quaid predicted, the price began a deep pullback, confirming the strength of the support at 4160.
Hi everyone, I'm Quaid, and I've excelled in the gold market thanks to my extensive trading experience and precise trading strategies. Welcome to join my signal discussion group: t.me/+5W95IZ8-mFUwY2Zh
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.
Hi everyone, I'm Quaid, and I've excelled in the gold market thanks to my extensive trading experience and precise trading strategies. Welcome to join my signal discussion group: t.me/+5W95IZ8-mFUwY2Zh
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.