XAUUSD-Range Trading Strategy

Nov 8

🔶After a sharp drop yesterday, gold entered a rebound and repair phase. The price stopped falling at 2643 and pulled back. In the Asian session, it showed a step-by-step slow upward trend. Subsequently, driven by the data release and the speech of Fed Chairman Powell, the gold price continued to rise to 2710.

🔶Technical analysis:
Daily chart: Gold is currently under the pressure of the upper track of the downward channel. Although it rebounded and repaired, the upward momentum at a low level gradually slowed down, and the overall trend was still constrained by the previous daily trend. The daily K-line formed a conversion of long and short channels. If the gold price wants to return to the bullish trend, it needs to stabilize effectively above 2730.

4-hour chart: In the short term, the gold price rebounded and then rose rapidly, and the upper 2710 line formed an obvious resistance level. The current upward momentum is strong, but there is no obvious trend turning signal yet.

1-hour chart: The gold price failed to test the 2710 resistance level many times, and the trend converged in a narrow range at a high level, and the price gradually moved horizontally. If 2710 is effectively broken, it is expected to test the 2720-2730 area in the future; the support level of 2685 is the focus below.

🔶Trading strategies: The current rebound repair stage of gold is basically completed, and the price pauses at a high level after the pull-up. The overall operation idea is to maintain "high-short as the main and low-long as the auxiliary".

🟢Short order layout near 2715-2720, stop loss set at 2726, downside targets are 2694, 2686, 2660.
🔴 Long order layout near 2682-2686, stop loss set at 2676, upside targets are 2692, 26998, 2710.

Nov 8

Trade active

Gold buy @ 2686-2688

SL 2682

TP 2690-2692

Gold is weak and pulls back, testing the 2685 support line below. Make a short-term rebound.

Nov 8

Trade closed: target reached

DONE HIT TP2690🎉🎉🎉