Triangle pattern, Powell's speech determines the direction

4 dni temu

#XAUUSD XAUUSD

The current market focus is on Powell’s speech. Will it give a shot in the arm to bulls or dampen their enthusiasm? We will wait and see. Since there have been no major bearish news for gold recently, its price has risen by nearly $100 after the Fed's interest rate cut. However, if Powell's remarks today trigger bearish sentiment, gold could fall rapidly.

After gold continued to rise to 3780-3790 in the European session today, it showed a more obvious stagflation state, which is also in line with the reference strategy I gave you this afternoon. We also made a good profit from shorting.

Technically, the hourly chart shows multiple doji candlesticks, indicating a tug-of-war between bulls and bears. The previous hour's bearish candlestick suggests a short-term downward correction. The focus is to pay attention to the 4H closing line. If the 4H also closes with a large negative line around 3750 3745, then this will be a significantly bearish pattern. If a small negative line is closed and the MA5 moving average is broken, then gold may first test the effectiveness of the 3750 3745 support.

At the same time, if you observe carefully, you will find that the market is trapped in a triangle consolidation range during the day. If the lower boundary falls below 3760, it will first go to 3750 and 3745 to test the effectiveness of support. At this time, you need to be more cautious when going long. If it breaks through the upper triangle boundary and touches the 3800 integer mark, do not continue to chase the rise, and beware of a pullback correction near the integer mark.

4 dni temu

Zlecenie aktywne

#XAUUSD

Gold only briefly tested 3765 before quickly rebounding. To be honest, the fluctuation was too fast and I did not seize this long trading opportunity. Pay attention to the rebound of gold in the evening. If it can effectively stand above 3790 again, it is very likely to touch 3800-3810 as I predicted. If it rebounds to this range in the evening and encounters resistance and pressure, I may consider shorting gold. If gold directly falls back to 3765-3755 again without breaking, we can also consider going long on gold. Please be sure to control your position management to avoid getting into trouble in extreme market conditions.