XAUUSD: Narrow range fluctuations, beware of another pullback
Aktualisiert
The price of gold fell below the upward trend line last Friday. This trend line has now changed from support to suppression. This has been verified when the price of gold rebounded to near the trend line today. This is an obvious long-short conversion signal. .
From the 1H chart, we can see that 2610 is a short-term support. If this line is broken, the gold price is likely to fall back to 2580 again.
Therefore, I think there are two possible developments for gold in the future:
1: Fall back to the previous low of 2580 again, and then maintain the shock consolidation trend, trying to move upward again.
2: Fall below the low of 2580 and continue to move downward to touch the vicinity of 2550 or even lower.
The above two trends are basically biased towards the short trend, so my main trading direction this week will try to be short.
From the 1H chart, we can see that 2610 is a short-term support. If this line is broken, the gold price is likely to fall back to 2580 again.
Therefore, I think there are two possible developments for gold in the future:
1: Fall back to the previous low of 2580 again, and then maintain the shock consolidation trend, trying to move upward again.
2: Fall below the low of 2580 and continue to move downward to touch the vicinity of 2550 or even lower.
The above two trends are basically biased towards the short trend, so my main trading direction this week will try to be short.
Trade ist aktiv
Very good, our direction is very correct. The gold price has now fallen below the support of 2610. Continue to hold the position and wait for further decline.
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