XAUUSD: Confirm support at 2480 before deciding on trading

2024年8月19日

Generally speaking, after a sharp rise, if there is no special news, it will repeatedly step back to the support to determine whether it is possible to continue to rise. On the other hand, the current price is at a historical high, and it is hard to say that it will not fall by about $100 like the last time it broke through the historical high, so our transactions must be treated with caution.

If it continues to rise next, as mentioned above, it is necessary to determine where the support is.

From the 1-hour chart, the support below is far away, and only 2480 is an important support level. This is the previous resistance area and near the previous high of last month. At the same time, this support was also verified when it was stepped back last Friday. In addition, from the Fibonacci retracement of this rise, 0.618 is also at 2480.

After determining the support, we will know what to do next. Now the price is still at 2500. It is safe to wait for the support to be determined. If you are more aggressive, you can also make a small position Sell order before that. Once the support is determined, we can buy near 2480.

2024年8月19日

交易進行

There is still 10$ left to the support level, wait patiently

2024年8月19日

交易進行

Gold price rebounded slightly after falling to 2490. Will it continue to fall? To be honest, I am not sure, but I prefer to wait and see.

2024年8月19日

交易進行

The strategic idea is very correct. It is a pity that the price of gold only fell back to 2485 and then started to rebound directly.