Gold focuses on the upper resistance 2627-2633

19 nov 2024

🔶Yesterday, the price of gold rose sharply, and the daily line closed with a big positive line. The price of gold rose strongly from $2564 to $2614, an increase of more than $50 in a single day. In the morning trading today, the price of gold further rose, reaching a high of $2626, and has now risen by $63. The short-term pattern and technical indicators have turned bullish, but the downward trend at the weekly level has not changed.

🔶In the short term, the rebound of gold is a strong correction after a sharp drop. Although the rebound at the 4-hour level is strong, the overall trend is still in the downward channel at the weekly and daily levels. At present, it is necessary to follow the short-term bullish trend and go long at a low level, but it is still necessary to remain cautious near the important pressure level and pay attention to the possibility of a short-term counterattack.

🔶From the 4-hour chart, the rebound of gold is strong, and it is currently close to the important pressure level of 2627-2633, which is the 38.2% Fibonacci retracement level of the previous decline, and it is also the technical watershed between longs and shorts. If the gold price cannot effectively break through this pressure range, a short-term adjustment will follow. Both the daily and 4-hour charts are suppressed by the 60-day moving average. After a short-term rebound to this position, there may be signs of obstruction. Technical resonance strengthens the short signal.

🔶Short-term trading ideas:
🟢Rebound short selling: Pay attention to the pressure in the 2627-2633 area. If the gold price is blocked here, you can try to arrange short orders, and the target is the 2590-2588 support area.
🔴Pullback longs: If the gold price pulls back to the support area of ​​2590-2588 and gets support, you can try long orders with a light position, and the target is the 2625-2630 range.

🔶The current strong rebound of gold is a correction in the downward trend and does not constitute a reversal trend. There is a possibility of further rise in the short term, but it is subject to important technical resistance and the adjustment pressure is relatively large.

🙌If you think this article is helpful to you, please Boost and share it, and leave your views in the comment area

19 nov 2024

Trade attivo

Gold prices will test the support level of 2625-2620 again. If it doesn't fall below this level, it will start to rise further.
Any pullback is a good opportunity to buy, and the target continues to be 2640-2650