If gold breaks through its recent all-time highs, entering long positions directly will yield profits, with a conservative margin of more than 10 pips. After yesterday’s breakout to 3685, it has been consolidating at this high. This morning’s low only dipped to around 3674 before rebounding. 3674 marks the previous all-time high, and this minimal pullback suggests further gains are possible. Therefore, entering long positions on pullbacks is a safe bet. Gold’s current rebound above 3690 speaks volumes. The key question moving forward is whether this wave can directly break through 3700. It’s important to note that short positions should be avoided in the near term. With such a strong trend, a break through 3700 is a snap. If your current trading isn’t ideal, and we hope to help you avoid investment pitfalls, please feel free to discuss your options!
Analysis suggests short-term support is near 3679-82. A pullback to this level will maintain a bullish trend. The short-term bullish stronghold is 3650-53. As long as the daily closing price does not break below this level, any pullback presents a long opportunity. Maintain a trend-following approach. I’ll provide detailed trading strategies during the trading session, so stay tuned.
Go long on gold when it retraces to 3677-3682, and add to your position when it retraces to 3656. The target is 3695-3700, with a breakout towards 3710.
And!
First: 3404 stabilized and then surged strongly to 3578, where it encountered pressure and then retraced to 3510 (a gain of over $170, and the retracing point coincided with the 0.618 level of the previous rally).
Second: 3510 stabilized and then made a second push, then encountered pressure at 3675, and then retraced to 3614 (also a gain of $165, and the retracing point coincided with the 0.618 level of the previous rally). Currently, it is in the third confirmed consolidation correction at 3614, having broken through the high yesterday and retracing to an extended period. Based on the previous two waves, if we consider the spatial equivalence of the “$170” range, the corresponding upside potential for this round may be the “3780/90 area,” which is the current limit (entering the third stage of the climb, the next step is to follow the trend and buy on the dips).
