Price pullback. 4450 is a good time to buy.Gold was incredibly strong on Monday, breaking through 4400 with virtually no pullback. The upward trend continued in Asian trading on Tuesday, reaching a high of 4497, very close to 4500. The US session has already undergone a technical pullback, finding good support at the 4440 level.
Gold failed to break through the $4,500 mark, and the prolonged inability to do so limited its gains, leading to a short-term pullback. However, the upward momentum remains strong, as the uptrend is supported by moving averages, and the positive signals from the MACD indicator reinforce the buyer's dominance. Even with a pullback, the rising moving averages will not shake the overall bullish trend.
Before Christmas, we need to focus on the 4500 level. A successful break above this level could quickly lead to around 4550. The strong price increase at the beginning of the week requires a technical correction to accumulate momentum before another upward breakout.
Trading Strategy:
Buy at 4440-4450, stop loss at 4430, profit target 4470-4500. Hold some positions if the price breaks through 4500.I will update more trading information in the channel.
