XAUUSD:31/10 Today’s Trading Strategy

Yesterday, gold opened at 2004.19 on Monday, with a high of 2006.69 and a low of 1991. DXY also experienced a significant correction in the short term, once touching 106.08.

Technically, gold has confirmed support four times in a row, and the lows have gradually risen, showing the strength of the market. Then gold broke through the channel and hit a new high by accelerating its sprint. This trend indicates that gold may rise further and start a new bull cycle. For the gold market at the beginning of this week, the focus of the market will be whether it can break through the channel range and reach a new high. If gold can maintain its strength and break out of this key position. Yesterday, there was a wave of retracement and correction in the market. This wave of retracement was reflected on the 4-hour chart. The market has slowed down slightly in the short term, but there is still room for growth. The key point is today and tomorrow, which will determine the strength and weakness of the market. Based on past experience, the pullback of a strong market usually does not exceed three trading days. Therefore, the third trading day will be an important node. At the same time, the correction space should not be allowed to be too deep, which will make it easier to resume the rise.

At present, gold is still showing a strong upward trend. Even if there is a correction, it will only be a short-term correction, and the overall trend is still upward. Pay attention to the support level near 1988 during the day. If this position is effectively supported, the target could be set at the $2040-$2050 area, or even higher. Gold's strong trend has not peaked, and any pullback is for better gains. So in terms of short-term gold operation ideas during the day, we still maintain a bullish approach, and we still cautiously participate in short orders.

BUY:1988~1990
SL:1983
TP1:1996
TP2:2002

SELL:2006~2008
SL:2011
TP1:2001
TP2:1995

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Komen:

In 2001/2007, you can short-sell in batches, with a stop loss of 3 to 4 US dollars, and make the most profits with the smallest risk.

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The support in 1995 is still a bit strong. It is enough to earn 5 US dollars. We will continue later.

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As I analyzed this morning, gold started to fall in 2008 and is expected to start to rise again in 2000. This kind of market is suitable for scalping.

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There is a lot of data today. Friends who trade, please remember to control your risks. If you have anything you don’t understand, you can contact me immediately.

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Let us take a look at the hourly resistance of 1986 and look forward to the decline of gold

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The first principle of investment is to avoid risks. If you cannot avoid risks, no matter how much money you make, you will lose it one day.

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If gold fails to hold the support of 1970, then gold will test the next support level of 1963. If it fails to hold this support, gold will fall towards the psychological defense line of 1950 for most traders.