Gold double top under pressure as expected

6 hari yang lalu

📊Gold fell sharply during the US trading session on Friday, and a typical double top structure was formed on the technical side. One of the reasons for this decline is that the progress of the negotiations between the United States and Ukraine has promoted the easing of the situation between Russia and Ukraine, which has led to a decrease in the safe-haven demand for gold, and the price of gold has subsequently fallen sharply.

📊An obvious double top pattern has appeared on the 4-hour chart of gold, and it has failed to break through the historical high, showing the weakness of the upward momentum of the price. Subsequently, the price of gold has fallen continuously, suggesting that gold may have peaked in the short term.

🔴Gold has currently fallen below the short-term moving average support and has formed a clear pressure range above. In the short term, the pressure level of gold is mainly concentrated at 2897 and 2900.

🟢In terms of support, pay attention to the low point of 2864. If the gold price falls below this support level, further downward space may open up. The further support range below is 2834.

✅In the short term, when gold rebounds to around 2890, it is recommended to go short. The target price first looks at the low point of 2864. If the gold price continues to break below 2864, it may further pull back 30 points, and the next support level is 2834.
✅If the gold price falls below the 2864 area and there is no obvious fundamental support for the bulls, the bearish trend may continue, so a stop loss should be set to avoid blindly chasing more.

6 hari yang lalu

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✅Trading strategy:
🔶GOLD SELL: 2890-2893
🔰TP1: 2870
🔰TP2: 2865
🔰TP3: 2835 OPEN~

🔶GOLD BUY: 2835-2838
🔰TP1: 2850
🔰TP2: 2860
🔰TP3: 2865 OPEN~