Can gold continue to rise and set a new high?
Yesterday, the price of gold fell first and then rose, continuing the upward trend of last Friday, and has been fluctuating at a high level, reaching a high of 2526 points. Our 2510-2515 buying range is just at the lowest point of the callback, and the profit margin at the highest point is more than ten US dollars, and I also made a small profit from it. I believe that friends who follow the trading strategy have gained something.
Today, the price of gold has shown a callback trend again. From the 1H chart, the support below is in the range of 2500-2505. If nothing unexpected happens, I will buy again in this range.
First of all, 2500 is an integer mark, and I believe everyone has seen the support strength in the previous trend.
In the trend from 2470 to yesterday's high of 2526, 2505 is exactly at the 0.618 support position of the Fibonacci retracement.
At the same time, there is support from the Bollinger Band lower rail and the upward trend line, and it is unlikely to fall below it.
Although the possibility of a breakthrough here is not great, this is only an analysis based on the technical aspects. External factors are still an uncertain factor, so we have to be prepared for both situations.
Trading strategy: Now it is at a lower position, you can open a position and buy first. If the price continues to fall back, you can choose to increase your position above 2500. If the gold price effectively breaks through 2500, then we must once again prevent the occurrence of a sharp correction like last Thursday.
If you have different opinions or questions, please speak up and let’s discuss GOLD’s latest ideas together.