Gold rose Above 1833 as expected, and resumed support at 1827.

Gold rose Above1833 as expected, and resumed support in 1827.

Yesterday, gold rose and broke high in the morning in the short-term, but the European market’s continuity is not very good.
The rapid retracement of the U.S. market is a standard technical correction. The price of an ounce still holds above the support of 1827. The author reminds us to rely on 1827 to support the defence. Directly placed multiple orders near 1833, and the subsequent rapid anti-drawing was in line with the author’s judgment, and the 1833 trades easily won profits!

The pattern of gold rebounding has not changed. Although yesterday, it temporarily broke the 1849 resistance position and then fell back, the rally has not changed. Yesterday’s retreat was also above the support of 1827. The bullish momentum is still sufficient.

Today, we continue to use 1827 as long and short. At the watershed position, the price is high above 1827. Relying on 1827 support and defence will continue to be bullish in the day. Only when price break 1827 can gold turn down, and we can change our bullish thinking. Otherwise, we will continue to do more. ! In rising, the Gold price must break the resistance! Taking advantage of the trend is by no means empty words!

From the daily line’s perspective, after the sharp drop last week, with the help of non-agricultural profit, the daily line began to rebound and rise for three consecutive years, which has swallowed up the weak pattern of the big Yin K of last Thursday. Strong operation pattern. According to the 4-hour chart, three upper shadow cross candles were closed after the disk price rose. Gold rushed to the upper rail position of the Bollinger Band and was initially under pressure. The pressure position of 1849 began to appear.
Investing too much before gold breaks through 1849 could result in a turn in the market.

We can change our bullish thinking only after breaking down to 1828. Pay attention to the 1849 area, and don’t blindly chase higher.

Today’s gold trading idea: gold 1833-35 area is directly more, support below 1827, the target is bullish 1843-1849 range; broken 1849 stepped back and more, support 1835, target bullish 1860-70 area.

Copyright © 2021. All Rights Reserved. Live4Trading™- online trading guide featuring the top UK Forex/CFD brokers, FX/CFD trading guide.