Gold Market Analysis 12/11
Updated
The ideal target of 2687 has been achieved, and the price has now moved above 2690. Currently, the 2693-2704 region faces significant selling pressure, which is expected to cause a short-term pullback. However, from the 1D chart perspective, the overall trend remains bullish, indicating that this pullback is a release of pressure rather than a change in trend.
Short-term support is at the 2678-2673 range, and if the price retraces to this level, it could attract renewed bullish momentum. Therefore, the recommended trading strategy is as follows: consider shorting above 2690 for a quick trade, and look to go long if the price drops below 2680, with targets remaining at higher levels.
As always, ensure proper risk management and closely monitor market movements.
Short-term support is at the 2678-2673 range, and if the price retraces to this level, it could attract renewed bullish momentum. Therefore, the recommended trading strategy is as follows: consider shorting above 2690 for a quick trade, and look to go long if the price drops below 2680, with targets remaining at higher levels.
As always, ensure proper risk management and closely monitor market movements.
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