Gold Technical Analysis, February 21
📊From the daily level, the K-line pattern shows continuous cross star consolidation, the price continues to converge in the 2954-2924 range, the daily volatility drops to a three-week low, and the short-term TD sequence shows overbought correction needs. The moving average system maintains a bullish arrangement, but the deviation rate between the 10EMA (2910) and the price narrows to 0.8%, and the medium-term upward slope slows down. It should be noted that the MACD column has shrunk for three consecutive days, and the RSI (14) has flattened at the 62 level, indicating that the bullish momentum is temporarily exhausted. The key trend boundary is located in the 2880-2900 area, which gathers the weekly level long-short balance point and the Fibonacci 38.2% retracement level.
📊From the 4-hour level, it presents an ascending wedge breakout pattern. After falling to 2916 today, it rebounded quickly, forming a long lower shadow K-line combination, suggesting that there is a strong support belt in the 2910-2920 area.
📊The 1-hour chart shows that the Bollinger Bands have closed to the 2923-2945 range. In the early European session, the market was under pressure at the middle track of 2935. If it breaks through effectively, it will test the upper track pressure. The momentum indicator shows a short-term bottom divergence structure, and there is a need for a technical rebound.
🔴Upper resistance level:
-First: 2933-2935
-Second: 2945-2947
-Third: 2950-2954
🟢Lower support level:
-First: 2924-2918
-Second: 2908-2900
-Third: 2881-2877
📛Risk warning:
The current market is in the daily correction stage of the weekly bullish trend, and it is recommended to adopt a range breakout strategy. Special attention should be paid to the risk of volatility amplification during the US trading session. If the price fails to break through 2945 for 6 consecutive hours, it is necessary to be alert to the possibility of a downward break. The mid-term bullish defensive line remains unchanged at 2880, and the trend structure remains intact.
📊From the 4-hour level, it presents an ascending wedge breakout pattern. After falling to 2916 today, it rebounded quickly, forming a long lower shadow K-line combination, suggesting that there is a strong support belt in the 2910-2920 area.
📊The 1-hour chart shows that the Bollinger Bands have closed to the 2923-2945 range. In the early European session, the market was under pressure at the middle track of 2935. If it breaks through effectively, it will test the upper track pressure. The momentum indicator shows a short-term bottom divergence structure, and there is a need for a technical rebound.
🔴Upper resistance level:
-First: 2933-2935
-Second: 2945-2947
-Third: 2950-2954
🟢Lower support level:
-First: 2924-2918
-Second: 2908-2900
-Third: 2881-2877
📛Risk warning:
The current market is in the daily correction stage of the weekly bullish trend, and it is recommended to adopt a range breakout strategy. Special attention should be paid to the risk of volatility amplification during the US trading session. If the price fails to break through 2945 for 6 consecutive hours, it is necessary to be alert to the possibility of a downward break. The mid-term bullish defensive line remains unchanged at 2880, and the trend structure remains intact.
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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.
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.