Gold yesterday, we provided a long strategy around the 51030-5120 level during the early trading session, and throughout the day, we also reminded to position long within this range. Yesterday was quite effective, as the price bounced multiple times on the pullback within this range, successfully reaching the first profit-taking target at 5190. With the bullish channel intact, regardless of oscillations and adjustments, focusing on one direction will yield gains.

The 1-hour moving average for gold has already formed a death cross downward, and after testing the 5120 level today, gold rebounded again. The rebound did not break yesterday’s high, and overall, it remains in a range oscillating around 100 points up and down. Strictly speaking, gold is currently in a rebound and fill-back phase. Short-term support is at the 5100-5120 level below, and short-term resistance is at 5230-5240 above. Personally, I recommend mainly buying on dips.

Trading suggestion: Buy near 5120-30, stop loss at 5100, target at 5230-5240. Continue holding if broken.

Disclaimer: The above content is for sharing personal ideas and opinions only and does not constitute trading advice.