XAUUSD:26/9 gold trading strategy

In Asian trading on Tuesday, the U.S. dollar index remained strong and is currently around 106.00. Spot gold continues to be suppressed, with the gold price currently trading around 1914. Gold prices are testing the key support level of 1911. Gold is technically bearish, with pressure still at the 1900 level. Gold prices fell on Monday, erasing Friday's rebound, with prices near last week's lows facing pressure from a stronger dollar and rising U.S. Treasury yields. The technical aspects of gold were suppressed yesterday in volatile trading, and then fell back and broke through the bottom to close. The Asian and European markets as a whole fluctuated in a narrow range around the 1921-1926 area. The US market repeatedly shot higher and tested the 1926 mark, and finally fell back under pressure and accelerated its decline. Closing at the 1915 mark in the evening, the overall price fell suppressed at the 1926 line. The current price has returned to the previous low near the 1915 mark and is running weakly. It is inevitable to continue downward in the short term, and the overall trend is still bearish.

Yesterday, the market closed with a big negative line with a slightly longer upper shadow line. After such a formation, today's market continues to be bearish. The 4-hour chart is under pressure and fluctuates around the middle rail, and today's short-term outlook continues to decline further. The next step It is possible to test 1900 and rely on the short-term high of 1917 as a defensive point to rebound and go short first. The resistance point moves down to 1920. The hourly chart is in a state of shock and turbulence. The moving average indicators are chaotic and divergent, with signs of a slight downward turn.

Today, Jiesse suggested to prioritize shorting at high levels and then going long at lows. Gold fluctuated and closed lower, so we will follow the trend. In the short term, focus on the 1917-1920 range for shorts at the top, and focus on the 1905-1908 US dollar support for longs at the bottom. If the bottom quickly breaks through the 1905 support, gold is expected to return to 1900 again.