Gold's upward trend is confirmed, buy boldly on pullbacks
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Last Friday, gold continued to rise, reaching a high of 2661, as the US PPI data showed that the inflation outlook was still favorable to support the Fed's expectations of a rate cut next month.
From the daily chart, we can see that the gold price has now stabilized above the daily average line, and the bullish trend has continued. In the short term, as long as the gold price pulls back to the support area, it is an opportunity to buy. Now it depends on where the gold price will start to rise.
From the 1H chart, the nearest support below is around 2642, which is the 0.618 position of the Fibonacci retracement of this rise, and the second is around 2630.
In today's Asian and European trading period, the gold price pulled back to 2643 and started to rise, which has verified the support strength of the 0.618 position. Therefore, if there is no accident today, as long as it pulls back here, you can buy boldly.
My personal short position sold at 2653 last Friday has been closed with profit when it fell to 2645. Now I am waiting for the pullback to trade long positions.
From the daily chart, we can see that the gold price has now stabilized above the daily average line, and the bullish trend has continued. In the short term, as long as the gold price pulls back to the support area, it is an opportunity to buy. Now it depends on where the gold price will start to rise.
From the 1H chart, the nearest support below is around 2642, which is the 0.618 position of the Fibonacci retracement of this rise, and the second is around 2630.
In today's Asian and European trading period, the gold price pulled back to 2643 and started to rise, which has verified the support strength of the 0.618 position. Therefore, if there is no accident today, as long as it pulls back here, you can buy boldly.
My personal short position sold at 2653 last Friday has been closed with profit when it fell to 2645. Now I am waiting for the pullback to trade long positions.
交易進行
It is a pity that the gold price only fell back to 2648 before it started to rise again. But for now, the 2660 position is definitely not worth chasing, so I will wait for the price to fall back to 2642 before buying.交易進行
It is correct not to chase the rise at 2660, and it is also correct to wait for a pullback. Now the gold price has pulled back to 2650 again.交易進行
There is support at 2645, but the US dollar is still rising. I think we can wait a little longer. If the US dollar rises to 103.4 and the gold price has not reached 2642, I will consider entering at 2645.交易進行
The gold price has fallen back as expected, and I have entered at 2642交易進行
The gold price started to rise after stepping back to the support range of 2642-2630. The current price is 2652, with a profit margin of more than 10$. The entire trading strategy is very correct.交易結束：目標達成
Judging from the 1H chart, the current gold price has reached 2654, and the upward trend has been confirmed. However, it is about to face the upper limit of the Bollinger Band. Therefore, I plan to close the position now, lock in profits, and look for opportunities when there is a correction later. Buy again
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