Friday Gold Strategy

Yesterday we clearly stated that the bulls target 4200 to 4215, looking for a rise to 4260. In the early hours, it directly surged to 4270, and then the initial jobless claims data was favorable, with a bullish candle breaking through 4285. Everything was as expected, and gold is still primarily bullish now, with short positions as a supplement!

From a technical perspective, the gold price has consistently held above the 5-day moving average, and the bullish pattern remains solid. Although this pullback has disrupted the short-term rhythm, it has laid a solid foundation for future increases, representing a healthy adjustment within the trend. Based on the day's operating rhythm, a slow decline in the morning, followed by a pullback in the afternoon, is likely to lead to a second surge in the European and American sessions. Today, pay close attention to the support level of 4250 in the morning, while the resistance level above is targeted at 4295.

The support level for gold is continuously rising, from 4180 to 4220, and then to 4250. It is evident that it is gradually increasing, and all are strong bullish candles. This is the strength of the bulls; the moving averages are being pulled up vertically, and any pullback can be absorbed by the rise. The moving averages can only see the tail lights. Next, patiently wait for the support at 4250, which was previously a resistance level and has now become support, also a point for positioning long.

Gold: 4250 long - 4255, target 4320