XAUUSD: If the rebound fails to break through 2615, sell it here

2024年11月18日

Last Friday, our strategy was to wait for the gold price to retreat to the 2550-2560 area to buy, with a target of 2590. Without waiting until 2560, we finally bought in the 2562 area, and today we have successfully reached the target of 2590.

As geopolitical tensions in the Middle East intensified again and the conflict between Ukraine and Russia continued, gold prices continued to rise at the opening of this week, reaching a high of around 2597.

From the daily chart, we can see that the gold price fell from 2790 this time, and the decline reached 260 US dollars in just half a month. Therefore, although the gold price has rebounded recently, it is still in a short position overall, so we can't blindly chase the rise and ignore the current short trend.

From the 1H chart, we can see that the upper resistance is at 2615, which is not too far from the current price of 2595. So to be more cautious, we'd better wait for the gold price to rebound to 2615, and sell it when the gold price does not break through the resistance

2024年11月18日

交易進行

The price of gold is now getting closer and closer to the 2615 position. We can insist on waiting for the resistance here before choosing whether to go short.