August 12: Time-based consolidation replaces technical correction; remain bullish on gold
Gold’s recent bullish momentum has been strong, with consecutive gains on the daily chart. Although gold prices pulled back slightly overall yesterday, this did not change the bullish uptrend. Gold opened today at $4,372 and is currently trading around $4,376.
On the daily timeframe, as gold continues to rise and undergoes short-term consolidation, the 5MA has moved upward, with support reaching around $4,320. Although the short-term hourly chart has shown a slight pullback, it has not disrupted the upward structure and is mainly a technical correction of the market movement.
As gold prices make a slight corrective pullback, short-term support is also moving upward. Today, the first support level to watch is $4,355, while the second support level is the previously mentioned $4,320. Focus on these two support levels in today’s trading.
Today’s trading:
I personally suggest lightly entering long positions on a pullback to $4,360. If the $4,355 support is broken, re-enter long positions around $4,325, with an upside target of $4,395. If that level is broken, continue targeting $4,420.
The above analysis is for reference only and does not constitute any investment advice. Financial markets are highly volatile, and investment carries risks. Exercise caution when entering the market. #黄金 #伦敦金 #现货黄金 $XAUUSD
Gold’s recent bullish momentum has been strong, with consecutive gains on the daily chart. Although gold prices pulled back slightly overall yesterday, this did not change the bullish uptrend. Gold opened today at $4,372 and is currently trading around $4,376.
On the daily timeframe, as gold continues to rise and undergoes short-term consolidation, the 5MA has moved upward, with support reaching around $4,320. Although the short-term hourly chart has shown a slight pullback, it has not disrupted the upward structure and is mainly a technical correction of the market movement.
As gold prices make a slight corrective pullback, short-term support is also moving upward. Today, the first support level to watch is $4,355, while the second support level is the previously mentioned $4,320. Focus on these two support levels in today’s trading.
Today’s trading:
I personally suggest lightly entering long positions on a pullback to $4,360. If the $4,355 support is broken, re-enter long positions around $4,325, with an upside target of $4,395. If that level is broken, continue targeting $4,420.
The above analysis is for reference only and does not constitute any investment advice. Financial markets are highly volatile, and investment carries risks. Exercise caution when entering the market. #黄金 #伦敦金 #现货黄金 $XAUUSD