Gold pullback continues to go long
Although gold fell sharply yesterday and closed negative, the price still remained in the large range of 2870-2956. The Bollinger Bands flattened, limiting the space for further decline. The probability of maintaining volatility in the short term is relatively high. After the rebound is expected to touch the support near 2870, it is expected to enter a rebound rhythm today. The upper targets are 2910, 2930, and even 2956.
4-hour chart analysis: The sharp drop did not continue: After the sharp drop yesterday, the decline did not continue today, indicating that the market is not extremely weak. It rebounded first in the morning, suggesting that the main direction today is rising.
Support: Near 2880 is the key support area for going long today.
Resistance: The upper targets are 2910, 2930, and 2956.
Operation strategy:
Entry point: Go long near 2900-2902.
Stop loss: 2896 (stop loss 4 points).
Target: 2930.
Entry point: long near 2880-2882.
Stop loss: 2876 (stop loss 4 points).
Target: 2930.
Operation idea:
Long on callback: Today's main direction is rising. It is recommended to arrange long orders in batches when the callback reaches near 2900 or 2880, and the target is 2930.
Risk warning:
Gold is still in a large range of fluctuations, and it is necessary to be alert to the possibility of a range breakthrough. If the price falls below the support of 2870, it may fall further; if it breaks through the resistance of 2956, it may open up upward space.
Gold maintains a volatile rebound pattern in the short term. It is recommended to mainly do long on callbacks, pay attention to the support near 2900 and 2880, and the target is 2930. When operating, it is necessary to strictly stop loss, control positions, and respond flexibly to market changes.
