The 4-hour chart is stuck in a wide range of oscillations between 3260-3338, and is currently at the edge of the lower track. Gold has formed a multi-round back-test support area at the 3270 price level. Although the price has touched this level several times, it has not effectively broken down. The bulls have launched a phased counter-attack. In terms of technical form, double pressure characteristics have appeared near the previous rebound high of 3370. This area has the dual attributes of the second wave rebound target and the right shoulder pressure level of the head and shoulders top pattern. Pay attention to the closing price. If it stands firmly at the 3336 line, then we adjust our thinking to treat it. On the contrary, if it encounters resistance at the early high of 3336 and then falls back, and moves closer to the 3278 line, we continue to look at the idea of swinging and falling. On the whole, today's short-term operation strategy for gold is recommended to be mainly short-selling on rebounds, supplemented by long-selling on pullbacks. The short-term focus on the upper side is the 3338-3340 line of resistance, and the short-term focus on the lower side is the 3265-3260 line of support.
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99% accurate trading signals. Top analysis masters
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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.