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Due to Thanksgiving, overall price movements were limited, mostly in the 4140 to 70 range, although the daily chart ended higher. At present, the downward trend line has been temporarily broken, and it is not recommended to buy large amounts at high prices before firmly holding this level. From the 4-hour chart, the gold consolidation triangle pattern has not changed, and the downward trend line resistance is around 4175. Only by decisively breaking through the trend line resistance can it trigger further upward movement and provide new buying opportunities!
On the hourly chart, the price has repeatedly tested resistance areas, indicating a short-term rise. After the hourly candle holds above 4175, watch for a short-term correction, which may represent a buying opportunity. Today continue to watch the price reaction at 4175, the upper trendline of the triangle, which is also a key level for today’s up/down trend. If the price consolidates above this level, further gains towards 4200-4220 are likely.
Critical level:
First support: 4152, second support: 4140, third support: 4122
The first resistance: 4190, the second resistance: 4208, the third resistance: 4222
Gold trading strategy:
Buy: 4145-4150, stop loss: 4130, take profit: 4170-4180;
Sell: 4200-4205, stop loss: 4220, take profit: 4180-4170;
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