Gold prices gave up gains on Friday, falling to 4032 before rebounding to 4110. The daily chart ended lower, testing the 10-day moving average and the midline of the Bollinger Bands indicator. The Relative Strength Index (RSI) has fallen back towards its midline. The weekly chart shows slight gains overall. On the short-term chart (4-hour and 1-hour), the two moving averages formed a bearish crossover at the highs on Friday, and the price returned to the lower middle line of the Bollinger Bands indicator. The relative strength index (RSI) has broken above the midline. Technically, gold maintains a wide range of consolidation, and tensions between bulls and bears are expected to continue.

There is consolidation on the 4-hour chart. If he can recoup his losses and get back above the moving averages, the bulls may still have hope; otherwise, the downtrend may continue. Continue to wait for a rebound on Monday before selling. An ideal and relatively stable entry point on the daily chart is around 4150 points. If the market weakens, it may consolidate below 4110-4100 points. For long positions, a buying opportunity may arise if support is found at the 4040 level; a break above this level would justify selling.

Critical level:

First support: 4070, second support: 4053, third support: 4033

The first resistance: 4123, the second resistance: 4138, the third resistance: 4150

Gold trading strategy:

Buy: 4035-4040, stop loss: 4120, take profit: 4060-4080;

Sell: 4140-4145, stop loss: 4160, take profit: 4120-4100;

More analysis←

Source link