Go long on gold at low prices, targeting above 3400.
Gold 4-Hour Chart:
As shown in the chart, from a macroeconomic perspective, despite the rise in gold prices, it remains trapped within a trend channel.
Currently, gold prices are under pressure in the 3370-3380 range.
On Friday, driven by risk aversion, gold prices briefly rose to $3363. With the Federal Reserve resuming its rate hikes over the weekend, expectations for a September rate hike have risen to 80%.
The most robust strategy for gold prices next week: enter long at low prices and manage your position accordingly.
Going long at current prices is not recommended. Instead, watch for potential declines due to profit-taking after the price dips.
Upward resistance lies near 3370 and 3380, where previous reversals occurred.
Every waterfall pattern offers a buying opportunity on the decline.
Although gold is currently strong, if we are bullish, we should not chase the gains. Simply wait patiently for prices to fall back to lower levels before going long.
Short-term intraday trend
Upside focus: Resistance at 3372-3385
Downside focus: Support at 3345-3340 and 3315-3320.
Gold Strategy:
1: Buy on the first dip into the 3338-3343 range, with a small stop-loss and a target price of 3370-3380.
2: Go long at low prices and control position size. This is definitely the most stable trading strategy. Patiently maintain a swing strategy. Target 3400+.
3: Continue to monitor resistance near 3440 next week. As shown in the chart, a converging triangle pattern may form.
Gold 4-Hour Chart:
As shown in the chart, from a macroeconomic perspective, despite the rise in gold prices, it remains trapped within a trend channel.
Currently, gold prices are under pressure in the 3370-3380 range.
On Friday, driven by risk aversion, gold prices briefly rose to $3363. With the Federal Reserve resuming its rate hikes over the weekend, expectations for a September rate hike have risen to 80%.
The most robust strategy for gold prices next week: enter long at low prices and manage your position accordingly.
Going long at current prices is not recommended. Instead, watch for potential declines due to profit-taking after the price dips.
Upward resistance lies near 3370 and 3380, where previous reversals occurred.
Every waterfall pattern offers a buying opportunity on the decline.
Although gold is currently strong, if we are bullish, we should not chase the gains. Simply wait patiently for prices to fall back to lower levels before going long.
Short-term intraday trend
Upside focus: Resistance at 3372-3385
Downside focus: Support at 3345-3340 and 3315-3320.
Gold Strategy:
1: Buy on the first dip into the 3338-3343 range, with a small stop-loss and a target price of 3370-3380.
2: Go long at low prices and control position size. This is definitely the most stable trading strategy. Patiently maintain a swing strategy. Target 3400+.
3: Continue to monitor resistance near 3440 next week. As shown in the chart, a converging triangle pattern may form.
Free Signals：t.me/+VDHHxoHZg5liZDg0
The best gold trading team
Several senior traders jointly build a trading system
The best gold trading team
Several senior traders jointly build a trading system
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.
Free Signals：t.me/+VDHHxoHZg5liZDg0
The best gold trading team
Several senior traders jointly build a trading system
The best gold trading team
Several senior traders jointly build a trading system
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.