Bears counterattacked strongly, is the 3300 mark in danger?

3 hari lalu

Gold bulls collapsed! Bears counterattacked strongly, is the 3300 mark in danger?

Fundamental analysis
Safe-haven demand weakened
The call between the leaders of China and the United States released a signal of easing trade tensions, the market risk appetite rebounded, and gold rose and fell.
Spot gold once hit a four-week high of $3,403 during the week, but eventually closed down 1.26% to $3,310.
The market is paying attention to the US non-farm data and the policy trends of the Federal Reserve. If the data is strong or strengthens the expectation of interest rate hikes, it may further suppress the gold price.
Despite the short-term pressure, the gold price has risen by 28% this year, and its long-term safe-haven attribute has not changed.

Technical analysis
Weekly level
The pattern shows significant pressure from above, and the MACD high dead cross sign indicates that the bears may continue to test the 3300 mark.
Daily level
The decline for several consecutive days broke the short-term moving average (5-day/10-day moving average), and the MACD dead cross increased in volume, which was overall bearish.
The key support moves up to 3295 (Bolin middle rail), if it fails, it will open up downward space.

4-hour level
The price breaks below the Bollinger lower rail, the moving average system is arranged in a short position, and the MACD dead cross has sufficient momentum. The short-term may test the 3280 support.

Operation strategy
Resistance level
Short-term: 3328-3330 (short dividing point)
Strong resistance: 3345-3350 (breakthrough will slow down the downward rhythm)

Support level
Primary: 3290-3280 (beginning of the week target)
After breaking, look to the 3250-3230 area

Recommendations
Main strategy: short-selling on the rebound to the 3328-3332 area, stop loss above 3345, target 3290-3280.

Auxiliary strategy: light long orders at the first touch of 3280, stop loss below 3270, target 3300-3310.

Risk warning: If the non-farm data is lower than expected or the geopolitical situation changes suddenly, be wary of a bullish counterattack.

kelmarin

Dagangan aktif

Today's trading ideas for gold
Last Friday, the price closed with a positive inverted hammer, and the long upper shadow line showed that it was under pressure from above. The oscillator weakened in the oversold area, and the pressure may continue in the short term.
Key support: 3280 (strength and weakness dividing line), resistance: 3336 (bulls counterattack after breaking through).
After breaking below 3330, the bullish momentum weakened. If it falls below the daily middle track 3298, it may further test the support of 3280/3245.

4-hour level
Bollinger Bands closed, the trend turned to oscillation, and the resistance was 3335-3365, and the strong resistance was 3400.
Short-term support is 3298 (daily middle track), and there may be a rebound after the test. If it stands firm at 3335, the bulls are expected to continue.

Operation strategy
Short order: 3327-3335 light position short, stop loss 3346, target 3310-3300.
Long order: 3290-3287 light long position, stop loss 3280, target 3310-3320.

Key points:

If it breaks 3335, it will be bullish counterattack, if it breaks 3290, it will turn weak and look at 3270/3245.

If the shock does not break at the beginning of the week, we need to wait for further signals.

8 jam lalu

Dagangan ditutup: sasaran tercapai

Gold yesterday market review and strategy verification:
Price trend:
Rebounded from 3290
Touched up during the US session and then fell under pressure
Today's Asian session continued to fall to 3302

Trend analysis:

Overall, it showed a shock consolidation pattern

Completely in line with yesterday's strategy prediction

Trading results:

Successfully grasped the 210-point market fluctuation