Gold Market Analysis:
How can I describe the recent ferocity of gold? Words are inadequate. I can only tell you that recent trades, whether buy or sell, must strictly follow stop-loss orders. Avoid floating orders that allow for profit. For example, yesterday’s price fluctuated by 200 points, a rare occurrence in gold’s history. The Asian session even saw a large V-shaped breakout, and we immediately bought at 4320 to take profits. While the current trend in gold is undoubtedly bullish, placing buy orders incorrectly can easily lead to losses. The volatility is significant, with even a small pullback typically moving 50-80 points, a typical weekly fluctuation. For today’s gold market, we should continue to follow the trend and avoid intercepting it. Try to follow the trend instead. Gold’s major support level has rebounded to around 4203. The early Asian session low of 4277 served as minor support. Currently, gold is trading around 4360. Watch for a new high in a V-shaped move. If not, it could retest support around 4277. Yesterday’s volatility was too strong, so there’s a high chance of a correction today. As today marks the weekly close, there’s a high probability of an upper shadow closing.
Support is at 4277 and 4320, while resistance is at 4399. 4277 is the dividing line between strength and weakness.
Fundamental Analysis:
This week saw no major fundamental or news headlines, but gold remained incredibly strong, and the dollar’s movements haven’t been particularly significant.
Trading Recommendations:
Gold – Buy around 4277, target 4350-4399
