Could today be Black Friday?

29 nov

Gold has now broken through the key range of $2,620-2,658, re-energizing the bulls.
From the daily chart, the appearance of three consecutive positive lines verifies the continuation of the bulls, and the gold price successfully stands above the cycle moving average, and the short-term upward momentum remains strong. Fundamental factors such as geopolitical risks and economic uncertainty continue to support the rise in gold prices.

Technical analysis:
Daily chart analysis:
Gold prices have risen for three consecutive days, and the bullish trend is obvious. At present, the gold price is firmly above the cycle moving average, and short-term indicators such as RSI and MACD are all showing an upward trend, suggesting that prices may rise further. Although the bulls are strong, we need to be wary of the risk of a high-level correction, and investors need to pay attention to the possibility of a high-level correction.

4-hour chart analysis:
On the 4-hour chart, the gold price fell slightly after hitting $2,634 in the early trading, forming a short-term momentum accumulation, and the Bollinger Bands opened upward, which means that the market is still dominated by bulls, and the gold price may continue to rise in the short term. At present, the price is running above the short-term moving average, providing strong support, so the bulls are still dominant.

Operation strategy suggestions:
Support level operation:
Near US$2,657: If the gold price pulls back to this support area, you can consider going long. US$2,657 is a strong support area. If the gold price is supported here, it may continue to test the upper pressure level.
2,650-2,645 US dollar range: If the gold price further pulls back to this range, you can continue to go long, with a target of US$2,670-2,680.

Resistance level operation:
Near US$2,680: If the gold price approaches US$2,680, you can try to go short. This area is the current main pressure level, and the gold price may encounter greater selling pressure here.

Summary:
In the short term, the gold price continues to maintain a strong trend, with an obvious bullish trend. If it pulls back to the US$2,657 and US$2,650-2,645 ranges, you can consider going long, with a target of US$2,670-2,680. If the price approaches the resistance level of US$2,680, you can try to go short. When operating, pay attention to setting stop loss reasonably to avoid the risk of falling after rising. Be flexible in responding to market fluctuations to achieve the best trading results.
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