Gold focuses on the pressure around 2650

Dec 2, 2024

🔸Dear friends, Happy Monday. Gold fell directly at the opening of the morning, falling 30 points in a short period of time, and directly fell through the support of 2630. The current focus is on the support of 2620, which is the low point of the Thanksgiving holiday. Gold also rose all the way from this position during Thanksgiving. Secondly, the support situation near 2605. Therefore, 2605 is a key node this week. Above this, continue to see a volatile rise. If 2605 is broken, then gold will continue to fall and continue to test the support of 2580.

🔸From the 4-hour chart, the gold price quickly fell back to 2622 in the morning and then stopped falling and rebounded, then touched the upper 2639 area, and now fell back to 2623 and consolidated sideways. Although the price is still running above the lower track of the Bollinger Band, the short-term moving averages (MA5 and MA10) and the middle track of the Bollinger Band have turned downward, indicating that the upward momentum of the bulls is obviously limited. At the same time, the Bollinger Bands as a whole showed an accelerated downward trend, and other periodic indicators turned to short positions. The MACD indicator formed a dead cross and accompanied by a downward volume, further strengthening the dominance of the shorts. Therefore, from the 4-hour chart, the current market is dominated by shorts, and the gold price may extend to the 2600 mark at any time.

🔴In terms of resistance, the 2638-2640 area should be focused on in the short term. If the suppression of this range is effective, the gold price is expected to continue to test 2610 downward or even break down and extend; if the bulls break through this area strongly, it is necessary to focus on the 2650 line. This position is not only the high point of the early trading, but also an important defensive position for intraday shorts. Short orders can still be arranged below this.

🟢In terms of support, first pay attention to the 2620-2615 area. According to the performance of the previous two trading days, this area has a short-term support function. However, if the 2640 suppression is established and effective, when the shorts test for the third time, it is expected that the probability of breaking down is relatively high. Therefore, above 2615, it is only suitable to try short-term long positions with light positions, and the more important support needs to focus on the 2608-2605 area.

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Dec 2, 2024

Trade active

🔥GOLD SELL @ 2645-2648

⛔️SL 2655

🎯TP 2636

Dec 2, 2024

Trade closed: target reached

DONE HIT TP2636👏👏👏