XAUUSD: Trading In The 2720-2740 Range
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I'm not sure if everyone followed the signals before last Friday's close, but if you did, today's trade should definitely be profitable.
Currently, after filling the gap from today’s lower opening, gold has once again begun to decline, forming a pattern similar to a double top. While there is some support at the current level, it is not strong. From the perspective of the ascending trend, strong support should be around 2722, while the horizontal support from the head and shoulders pattern lies in the 2718-2712 range.
By connecting the high point from last Friday's close to the high point of today's rebound, we can identify a downtrend, with resistance located near 2737. Therefore, today's subsequent trading will primarily focus on the range between 2740 - 2720. If the trend breaks, we will need to adjust our strategy accordingly.
Currently, after filling the gap from today’s lower opening, gold has once again begun to decline, forming a pattern similar to a double top. While there is some support at the current level, it is not strong. From the perspective of the ascending trend, strong support should be around 2722, while the horizontal support from the head and shoulders pattern lies in the 2718-2712 range.
By connecting the high point from last Friday's close to the high point of today's rebound, we can identify a downtrend, with resistance located near 2737. Therefore, today's subsequent trading will primarily focus on the range between 2740 - 2720. If the trend breaks, we will need to adjust our strategy accordingly.
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No matter you are currently holding long or short positions, there is no need to be nervous. The short-term fluctuations will not be too large, and there is room for profit for both long and short positions.Trade ist aktiv
Gold hit today's Asian session high and began to enter a strong resistance area. If you are still buying, please be vigilant.
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