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Gold price rebounds after hitting lowest level on weekly chart, buyers regain control!
📉 The gold market fell first and then recovered this week. After opening lower and testing 4,400 points, the market entered a stage of broad consolidation. The strong rebound in late trading on Friday confirmed Shen Yu’s previous judgment that “safe haven funds have not left the market, and the selling pressure is just a short-term fluctuation.” ✨ As the U.S. dollar weakens and the geopolitical risk outlook changes due to progress in U.S.-Iran nuclear negotiations, gold prices have regained momentum after falling, and the long-term upward trend remains strong!
📊 Technical analysis:
The weekly chart closed higher, with a long and large lower shadow. After pulling back to the middle line of the Bollinger Bands, the price quickly rebounded to near the upper channel line, indicating that there is strong support below.
The daily chart closed with a full bullish candle, indicating strong upward momentum. The upward trend is expected to continue early next week.
The main support level is in the 4895-4905 range. If the market remains strong, it could rise directly from the overnight low of 4,936.
The first upside target is the psychological level of 5000; resistance lies in the main trend range of 5100-5140. If gold fails to break above the 5140 level, gold prices may pull back again, perhaps testing support near 4820. On the other hand, if the price of gold stabilizes at 5140, it may open up space to break through the 5300-5340 range, or even break through the previous high.
🎯 Trading strategy reference:
Build a long position near the 4905-4895 range, with a stop loss order at 4890 and target levels of 4960, 5000 and 5100.
If there is a strong consolidation in the market, you can consider opening a buying position near the 4936-4937 range.
When it hits the 5140 mark for the first time, you can open a small selling position and look forward to a rebound in price.
💬 The market always provides opportunities in fluctuations; following the market rhythm is the key to success! If you find this analysis useful, please like ❤️, comment 📢 and follow Xinyue to follow the market trends together!
🔔 You’re welcome to join us next week to discuss specific gold trading strategies and live updates. Let’s discuss and explore market trends together! I wish everyone successful trading and continued profits! 🎉
