From the perspective of the 4-hour chart structure of gold, the trend remains in this downward channel. After the price rebounded and pulled up at the bottom of the 3120 channel, after a period of adjustment, it formed a head and shoulders bottom again and continued to break, and the price rose to near the top of the channel.
The upper 3340-3350 resistance area, if this position breaks through and stabilizes, it will break the downward channel.
The lower 3280 line support, if this position breaks down, the upward trend of gold in this section will turn. The short-term trend will also continue.
Overall, gold is in the high-level adjustment stage, and the daily line is also at the end of the bullish trend. But the short-term trend is still strong. In terms of thinking, you can wait for the structure of the large and small cycles to turn again before participating in the high-altitude layout.
Operation suggestion
Gold rushes to the 3350-3360 area to arrange short orders, stop loss 3375. The downward target is 3300, and further sees the continuation of the break below 3280.
If you are short-term bullish during the day, it is recommended to participate around the 3310-3320 area support, and break below 3300 as the stop loss basis. The upward target is 3340-3360.
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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.
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.