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4.22 Old Four Gold Afternoon Thoughts and Trading Ideas
After last night’s spot gold fell in a one-way move to the low of 4668.64, the morning saw a strong rebound. From 4742, it continued to push higher in the morning; at midday, the highest reached 4771.98. Currently, it is quoted at 4763.81. The bulls quickly regained lost ground, and the chart shifted from a rapid selloff to a technical repair/rebound phase.
In terms of news, Commerzbank stated that the current price of silver is on the high side. This round of the move is mainly driven by gold. Combined with ongoing geopolitical tensions, market risk appetite has rebounded, funds have flowed back into precious metals, and gold prices are supported to rebound in the afternoon.
On the technical side, gold has held above the middle band of the Bollinger Bands and is approaching the upper band at 4773.44. The moving averages have formed an initial golden cross, and short-term bullish momentum has strengthened. However, the 4775-4780 area has strong resistance, so be cautious about taking profits after a push higher.
Trading Ideas
In the short term, you can follow long positions near 4760, with a stop loss placed below 4750, and a target of 4775-4785. #黄金