XAUUSD: Head and shoulders bottom pattern has formed buy on dips

3月5日

From the 1-hour chart, we can see that after yesterday’s dip and rebound, the inverse head-and-shoulders pattern has started to take shape. Given this structure, my trading strategy will primarily focus on bullish setups.

Based on recent price action, the key support zone lies between 2890-2900, while the resistance zone is around 2920-2930. Until a breakout occurs, gold is likely to continue oscillating within this range.

The catalyst that could break this equilibrium is today’s ADP employment data, which traders should closely monitor.

Trading strategy:

Buy on dips in the 2890-2900 region to position for further upside.
If 2920-2930 fails to break, consider small short positions for short-term trades.
Market reactions to key data will be crucial in determining the next major move.

The trading strategy is just a reference framework. The market will change, so you need to change your trading plan in time. If you don’t know how to make adjustments, you can find me at the bottom of the article or join the channel

3月5日

交易進行

The ADP data announcement is obviously bullish for gold, look for opportunities to step in and buy.

3月5日

註釋

As expected, gold hit the support range of 2900-2890. The ADP data did not rise but fell in the case of obvious bullish gold. I think this phenomenon is very abnormal. It is possible that the short-selling force will be consumed before rising.

Anyway, I can’t wait any longer and enter the market to buy now.