🖥 Technical analysis
🟢 Price movement of Gold:
- In yesterday's trading session, the gold price continued to maintain a strong upward momentum, occasionally reaching the 4840 – 4850 area. This is a continuation of the upward trend after the market bounced back from the bottom around 4650, indicating that buying pressure is still dominant in the short term.
- This morning, the price is fluctuating around 4840+, indicating that the market is beginning to stabilize as it approaches the upper resistance zone. This price range has previously caused selling pressure multiple times, so the current reaction is relatively normal.
- On the H1 timeframe, the short-term structure is gradually shifting to an upward trend, with the subsequent lows being higher than the previous lows. Prices are also maintaining above the EMA lines, indicating that the upward momentum is still present, although there are signs of weakening as it approaches a strong resistance area.
- With the current context, the market is in an upward state but starting to encounter resistance, so it is necessary to closely monitor reactions at the areas above to assess the potential for continuation or adjustment.
🔘 Area 1: around 4900 – 4920. This is the nearest resistance area above. If prices continue to maintain their upward momentum, this area will need to be monitored to assess selling strength.
🔘 Area 2: around 5000 – 5020. This is a stronger resistance area and also an important psychological level. If the market has enough momentum to expand the trend, this will be the next target area.
- On the contrary, the support areas to pay attention to include:
🔘 Area 1: around 4755 – 4735. This is the nearest support area, and also the area where prices just accumulated before bouncing up. If prices adjust back here and hold, the potential for continuing the upward trend still exists.
🔘 Area 2: around 4710 – 4690. This is a deeper support area below. In the event of increased selling pressure, prices may revisit this area before seeking new buying force.
- In terms of fundamentals, gold prices are supported by a weakening USD, as expectations about the potential easing of US-Iran tensions are causing capital to withdraw from the USD.
- However, the market is still in a tug-of-war state between two factors: one side is the demand for shelter due to geopolitical risks, and the other side is the pressure from monetary policy and high interest rates from the Fed.
‼️ In the current context, gold prices may continue to experience alternating upward and correction phases, especially as they approach a strong resistance area. Therefore, risk management and controlling trading volume still need to be prioritized.
➡️ Short-term reference strategy:
🟢 Price area possibly reversing downward
🔽 Resistance area: 4900 - 4920, 5000 - 5020
🟢 Price area possibly reversing upward
🔼 Support area: 4755 - 4735, 4710 - 4690
🔴The above is my personal opinion, the information is for reference only
👉 Recommendation to cut losses from 5–10 points, depending on market entry points and your risk tolerance.
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