Gold Price Trend Analysis: After rising on Monday, gold closed with a doji on Tuesday and continued its upward trend today, reaching a high of around 4173. Overall, the market remains relatively strong. On the larger timeframe, the weekly chart shows solid support at the MA10 level, while the daily chart shows a tendency to form a triangle pattern. The upper edge of this triangle, around 4170-4180, will likely provide short-term resistance. Furthermore, considering the Thanksgiving holiday in the US market later this week, market activity is expected to be low. Therefore, range-bound trading is currently a suitable strategy for gold, but it may not be ideal for trading. This special timeframe could easily trigger a high degree of market manipulation, leading to abnormal price fluctuations.
Gold Technical Analysis: Looking at the 4-hour chart, the triangle consolidation pattern for gold remains unchanged. The downward trendline resistance is around 4170-4180. Only a decisive break above this trendline resistance will allow for further upward movement and a new round of opportunities. Otherwise, it will remain in a consolidation phase. On the 1-hour chart, gold is expected to continue its high-level consolidation today. The key support level to watch is the 5- and 10-day moving averages around 4110-4100. On the upside, the first resistance level to watch is 4170-4180. The possibility of testing 4200 depends on both technical and fundamental factors. Specifically, if gold holds above the moving averages throughout the second half of the week and provides further bullish fundamental catalysts, it might attempt to reach 4200 in the second half of the week. However, the uncertainty brought by the holiday season should be carefully considered in the second half of the week. In summary, today's gold trading strategy is to primarily sell on rallies and secondarily buy on dips. The key resistance level to watch in the short term is around 4170-4180, while the key support level is around 4110-4100. Traders must follow the trend, manage their positions and stop-loss orders carefully, strictly set stop-loss orders, and avoid holding losing positions.
Gold Technical Analysis: Looking at the 4-hour chart, the triangle consolidation pattern for gold remains unchanged. The downward trendline resistance is around 4170-4180. Only a decisive break above this trendline resistance will allow for further upward movement and a new round of opportunities. Otherwise, it will remain in a consolidation phase. On the 1-hour chart, gold is expected to continue its high-level consolidation today. The key support level to watch is the 5- and 10-day moving averages around 4110-4100. On the upside, the first resistance level to watch is 4170-4180. The possibility of testing 4200 depends on both technical and fundamental factors. Specifically, if gold holds above the moving averages throughout the second half of the week and provides further bullish fundamental catalysts, it might attempt to reach 4200 in the second half of the week. However, the uncertainty brought by the holiday season should be carefully considered in the second half of the week. In summary, today's gold trading strategy is to primarily sell on rallies and secondarily buy on dips. The key resistance level to watch in the short term is around 4170-4180, while the key support level is around 4110-4100. Traders must follow the trend, manage their positions and stop-loss orders carefully, strictly set stop-loss orders, and avoid holding losing positions.
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I will go all out for every cooperating friend. Once I trust you, I will speak with results. I don't promise huge profits, but steady profits. Many people have done it, and you can do it too.Free Witness Telegram Group:t.me/TP_Daniel123
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The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.