Risk aversion rises, bullish trend continues
Gold closed strongly, the NY market fell and rebounded, and rose strongly. The bottom of the daily level had obvious support, completing a deep V reversal, and the moving average indicator showed an obvious upward turn. Intraday trading was mainly long at low prices!
After gold fell to 2620 in the US market, gold rose again for risk aversion, and gold bulls turned strong again. After stepping back, they turned strong again, so the strength of gold bulls rose, and gold continued to be long above 2620 in the Asian market.
The 1-hour moving average of gold continued to cross upward and diverge. The decline of gold in the US market was just a confirmation of the high level of gold. Gold bulls had the advantage, so today gold continued to be long on dips at 2620, and gold could be long when it fell back to around 2625.
First support: 2630, second support: 2621, third support: 2602
First resistance: 2645, second resistance: 2658, third resistance: 2665
Trading strategy:
2621~2658 range, sell high and buy low according to resistance and support.
After gold fell to 2620 in the US market, gold rose again for risk aversion, and gold bulls turned strong again. After stepping back, they turned strong again, so the strength of gold bulls rose, and gold continued to be long above 2620 in the Asian market.
The 1-hour moving average of gold continued to cross upward and diverge. The decline of gold in the US market was just a confirmation of the high level of gold. Gold bulls had the advantage, so today gold continued to be long on dips at 2620, and gold could be long when it fell back to around 2625.
First support: 2630, second support: 2621, third support: 2602
First resistance: 2645, second resistance: 2658, third resistance: 2665
Trading strategy:
2621~2658 range, sell high and buy low according to resistance and support.
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