Gold rose over 3412 yuan overnight as scheduled, and continued to decline in the morning session!
Gold rose all the way yesterday, and now it fluctuates greatly. In fact, it easily fluctuates by 20-30 US dollars. The current market wakes up every day to a new high, and the bullish trend of gold is beyond doubt. However, it still needs to be patiently waited for. The gold and silver prices have repeatedly hit the first line support near 3405 in the US market, and the gold price has risen as scheduled. Recently, gold has been mainly rising in the second half of the night and in the morning every day, and the decline of gold in the morning continues to be significant.
The 1-hour moving average of gold continues to diverge from the bullish trend of the golden cross, and the bullish volume of gold is still there. After breaking through 3400, gold has basically stabilized at the 3400 line. The US gold market has also tested the support of the line near 3405 multiple times, and gold continues to stabilize and rise. Today, gold continued to buy on dips on 3405. However, gold is currently deviating far from the moving average, and we need to constantly pay attention to high-level adjustments. If gold falls below 3400, then we need to consider the first-line support around 3385.
Gold bulls continue to be strong, and a pullback provides an opportunity to go long. If there is an uptrend, no one knows where gold will rise, so don't easily touch the top. Going long with a pullback is the way to go.
Morning trading strategy:
Buy long on gold 3405, stop loss 3395. Target 3445-3450;
Disclaimer: The above is purely a personal opinion sharing and does not constitute operational advice. Investment carries risks, and profits and losses are borne by oneself.
Tips：This page came from Internet, which is not standing for FXCUE opinions of this website.
Statement：Contact us if the content violates the law or your rights