Gold broke through its previous high and hit a new all-time high of $3,758, confirming my bullish outlook. The strong bullish rebound has opened up technical space for further gains. From a price perspective, gold has formed a clear step-by-step upward pattern since the beginning of the year, with each round of adjustments supported by key moving averages, demonstrating a healthy upward trend. After recently breaking through the key resistance level of $3,703, the $3,700 mark has transitioned from resistance to significant support. The hourly moving average has formed a golden cross, signaling a strong upward trend for gold. With gold constantly hitting new highs, a pullback presents an opportunity to go long.
From a 4-hour analysis, effective support remains in the 3,725-3,750 range, while key resistance remains in the 3,775-3,780 range. The primary strategy is to go long on dips. In the intermediate range, be cautious and follow orders cautiously, patiently waiting for key entry points. I’ll provide detailed trading strategies during the trading session, so stay tuned.
1. Sell gold at 3775, target 3760-3750-3740!
2. Buy gold on a pullback to 3725-3730, target 3760.
