Gold is under pressure and weakening on the daily line, pay attention to the gains and losses of the key support of 3350
On Wednesday, gold showed a fluctuating downward trend. The price tested the four-hour level resistance of 3399.88 twice during the Asian and European sessions and then fell under pressure. The US session accelerated downward due to the impact of data, reaching a minimum of 3362.39, and the daily line closed with a large negative line at 3369.12. The current price is approaching the key support of the middle track of the daily line at 3350. If it breaks down effectively, it may open up further downward space.
Multi-period technical analysis:
Weekly level: The 3350-3315 area is an important defense line for medium-term bulls. Losing it will destroy the current upward structure.
Daily level: The price tests the middle track 3350 support, and it is necessary to pay attention to the breakout. If it falls below, the downward target points to the 3330-3315 area.
Four-hour level: It shows a fluctuating downward pattern. Pay attention to the upper resistance of 3370-3375. The rebound under pressure can continue the high-altitude strategy.
Operation strategy:
Short-term: If the 3370-3375 area is blocked, you can try shorting with a light position, stop loss at 3385, target 3350; after breaking through, look at 3330.
Mid-term: If 3350 is effectively broken, adjust the long position thinking, otherwise it can still arrange long orders in the band.
On Wednesday, gold showed a fluctuating downward trend. The price tested the four-hour level resistance of 3399.88 twice during the Asian and European sessions and then fell under pressure. The US session accelerated downward due to the impact of data, reaching a minimum of 3362.39, and the daily line closed with a large negative line at 3369.12. The current price is approaching the key support of the middle track of the daily line at 3350. If it breaks down effectively, it may open up further downward space.
Multi-period technical analysis:
Weekly level: The 3350-3315 area is an important defense line for medium-term bulls. Losing it will destroy the current upward structure.
Daily level: The price tests the middle track 3350 support, and it is necessary to pay attention to the breakout. If it falls below, the downward target points to the 3330-3315 area.
Four-hour level: It shows a fluctuating downward pattern. Pay attention to the upper resistance of 3370-3375. The rebound under pressure can continue the high-altitude strategy.
Operation strategy:
Short-term: If the 3370-3375 area is blocked, you can try shorting with a light position, stop loss at 3385, target 3350; after breaking through, look at 3330.
Mid-term: If 3350 is effectively broken, adjust the long position thinking, otherwise it can still arrange long orders in the band.
Trade active
On Thursday, gold bottomed out and rebounded, hitting a low of 3347 before rebounding to around 3370. Under the influence of the interest rate decision in the early morning, the price fell to 3362 and then rebounded again, indicating that the bull-bear tug-of-war intensified. The current market is still in the correction stage after the decline, and the short-term trend is to maintain a volatile trend.
Technical points:
Support: 3343-45 (4-hour key position), if it fails, it will fall to 3330.
Resistance: 3380-83 (short-term suppression), if it breaks through, it will test the strong pressure of 3408-15.
Operation strategy:
Buy at 3343-45, stop loss at 3334, target at 3385-90, and hold if it breaks.
Rebound at 3380-75, short, stop loss at 3390, target at 3345-50.
Trade closed: target reached
Gold intraday trading strategy: range operation, waiting for breakthroughKey position:
Support: 3330 (daily defensive position)
Resistance: 3410 (weekly suppression)
Market observation:
Gold is currently in a shock consolidation stage, and needs to wait for an effective breakthrough to confirm the direction. In the short term, pay attention to the performance of the 3360-3395 range, and a trend market may be ushered in after the breakthrough.
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.
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.