Last week, gold maintained a sweeping trend within the channel, with prices fluctuating between the upper and lower boundaries. On Monday, prices tested the support near the lower boundary of the channel again. Overall, the range trading approach can continue to be used.
In the hourly chart, the dual support has moved up to 4208. It should be noted that if the price breaks below the purple channel line, support will look down to 4141.
Intraday trading idea:
Primary idea: Price rebounds relying on support at 4194-4192, with early morning long positions reaching the target of 4219.
The current strategy has the price standing above the 4-hour lifeline of 4208, and a second low buy can be made in this area of 4208-4203, with a stop loss at 4193, target at 4223, and further looking at 4233-4235.
Breakout outlook: If it successfully breaks through 4233-4235, the 4-hour pattern will open upwards, likely testing the upper boundary of the channel at 4266-4270. $BTC $ETH $BNB
