Gold has already bottomed out and is now waiting to rise!
Gold has been consistently oscillating at the bottom in recent days, perhaps due to the upcoming May Day holiday. Most people in China are considering risk avoidance, selling or reducing their positions during the holiday, which has led to a decrease in liquidity in the Asian and European markets and a recent sideways trend. However, looking at the trend, this round of adjustment in gold is actually coming to an end, with strong support at the bottom of 3260. Gold is unlikely to experience a sharp decline in the short term and in the future!
From a technical perspective, the gold Tuesday daily chart closed negative, with a fluctuating pattern of alternating bullish and bearish levels. The long and bearish forces are balanced, and the one hour moving average shows signs of an upward turn, indicating a high probability of seeking a breakthrough in the subsequent volatility. Overall, the downward trend of gold has been basically in place, and gold may usher in a new round of rise in the future. For our short-term layout within the day, we mainly refer to the key support around 3260-3270. If we can adjust and reach around 3275 within the day, we will be more eager!
Specific strategies
Gold 3275 buy long, stop loss 3260. Target 3330
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