Gold has rebounded after hitting a low of around 4164. Currently, it's experiencing a slight rebound and is now consolidating within a large range. This consolidation, coupled with uncertainty surrounding upcoming news, has left both bulls and bears hesitant, awaiting further market developments.
Looking at the 4-hour chart, after encountering resistance at 4264, the price has been declining, but the downward momentum has been weak, with occasional rebounds from lower levels. Currently, the short-term moving averages have formed a death cross, coupled with the MACD data showing a death cross, indicating a downward pressure in the market, and the Bollinger Band's middle line has also been broken.
Looking at the 1-hour chart, the price continued to decline in the Asian and European markets on Tuesday, reaching support around 4200, but without effective support. At this point, the key support level to watch in the US session is the 4150-4160 range.
In summary, Quaid recommends a short-selling strategy as the primary approach, with buying on dips as a secondary strategy. The key resistance level to watch in the short term is 4215-4220. Traders must follow the trend closely, manage their position size carefully, and strictly set stop-loss orders.
Trading Strategy:
Short in batches between 4210-4220, stop loss at 4230, profit target 4160-4170. If it breaks below 4160 again, watch for a move towards 4140.
Go long between 4150-4160, stop loss at 4140, profit target above 4200.
I will adjust my strategies flexibly based on market fluctuations and update the channel accordingly.
Looking at the 4-hour chart, after encountering resistance at 4264, the price has been declining, but the downward momentum has been weak, with occasional rebounds from lower levels. Currently, the short-term moving averages have formed a death cross, coupled with the MACD data showing a death cross, indicating a downward pressure in the market, and the Bollinger Band's middle line has also been broken.
Looking at the 1-hour chart, the price continued to decline in the Asian and European markets on Tuesday, reaching support around 4200, but without effective support. At this point, the key support level to watch in the US session is the 4150-4160 range.
In summary, Quaid recommends a short-selling strategy as the primary approach, with buying on dips as a secondary strategy. The key resistance level to watch in the short term is 4215-4220. Traders must follow the trend closely, manage their position size carefully, and strictly set stop-loss orders.
Trading Strategy:
Short in batches between 4210-4220, stop loss at 4230, profit target 4160-4170. If it breaks below 4160 again, watch for a move towards 4140.
Go long between 4150-4160, stop loss at 4140, profit target above 4200.
I will adjust my strategies flexibly based on market fluctuations and update the channel accordingly.
Trade active
Gold prices have reached the first resistance zone we predicted. Long traders should pay attention to a breakout.
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
Related publications
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
Related publications
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.