Previously, gold prices continued to fluctuate at high levels. I maintained my bullish strategy and had already placed long positions, so my subjective approach remained bullish. Although the market is at historical highs, the need for correction has been pent up for a long time, so it’s not advisable to blindly go short before major fundamental events. Technically, continue to monitor the short-term resistance around 3670-3675. While the overall trend remains bullish, a short-term technical pullback cannot be ruled out. I believe the recent consecutive days of rising prices indicate that technical indicators require some adjustment. Therefore, we should not be overly bullish on gold and must be wary of technical pullbacks. If your current trading is not ideal, I hope I can help you avoid investment pitfalls. Welcome to communicate!
Based on the 4-hour chart, short-term support is currently around 3630-3635, with support around 3610-3613. A pullback to this level is recommended, and a bullish trend is expected. The short-term bullish trend line is 3600. If the daily chart stabilizes at this level, the main buying strategy remains unchanged. Counter-trend short positions are strictly avoided, and the main strategy is to follow the trend. I will provide detailed trading strategies during the trading session, so please stay tuned.
Continue to buy gold on pullbacks! Target 3675-3680. Continue holding if it breaks through.
