Gold technical analysis: Positive pullback after strong breakout; confirmation of pullback still provides upside opportunities

📈Market Review: Driven by safe-haven demand, gold prices made a strong breakthrough

Last week, gold prices returned to the $5,000 mark, supported by escalating tensions between the United States and Iran and uncertainty about the trade war. On Monday, it broke above key resistance – the 61.8% Fibonacci retracement of the 5596-4403 line at 5140 – confirming a strong structure on the four-hour chart. The price reached a maximum of 5250, achieving the first stage target.

🔄 Current market: There are ups and downs, but the structure has not been broken yet

Gold prices fell back from the resistance level of 5250 during the day and are currently trading near 5130, which is a technical callback. The upward trend on the daily chart remains unchanged; the decline does not affect the upward trend. The main focus is to monitor support areas for stability signals.

📍Main levels

Short-term support: 5120

Strong support area: 5100-5080

Short-term resistance: 5150

Strong resistance area: 5170-5190

📌Trading strategy: Buy on dips

Strategy 1: Buy order near 5100, stop loss 5070, target 5170-5200

Strategy 2: If the price stabilizes above 5120, it is recommended to open a small position with the same target as before.

💡Professional guidance, precise strategies

Market conditions change rapidly; timing is a key factor in success. Do you want instant entry and exit signals, position management and risk control strategies?

👈 Like, follow, and comment on “Strategy” to stay up to date with the latest career guidance!

Source link