Today’s Gold Analysis


Yesterday’s early trading opened at 4545.6, with a slight pullback to test the support at 4538.5 before the bulls strongly gained momentum and moved sideways upward; after breaking the high and low of the previous day’s bearish candle, it accelerated higher, with the daily high reaching 4647.3. After the surge, it consolidated slightly, and the daily close was also at 4622.1.
The daily chart shows a long upper shadow large bullish candle, indicating full release of bullish reversal momentum. The short-term bullish pattern is established, and today’s market mainly focuses on pullback buying strategies. Yesterday, I reminded everyone that the rebound trend in gold has started. The hourly structure around 4670-4680 is a resistance area due to overhead cost. Last night’s pullback to the neckline and the gap opening today prove that the bulls are relatively strong! It’s advisable to lightly position near the area of the early morning gap fill at 4620-4625!
Strategy: Light positions near 4620-4625, target 4670!
But pay attention to the area below the hourly structure, where the sharp rise yesterday left an imbalance zone at 4570-4585. Trading must include stop-loss!
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