FX.co ★ XAU/USD, GOLD

Gold Analysis Spot gold is trading at $265.58 an ounce and is trading sideways at a high level. With support at 2630 and pressure at 2678, the support and pressure levels are both high and low. Gold broke above the morning high at 2655 today after opening high and slightly rallying. There is the pressure above at 2662. There will certainly be a pullback during the day if the bulls want to continue. It will be triggered if the pressure does not subside. During the day, watch the two points below 2640 and 2633. These two points represent the pullback area of the US market and its previous highs from yesterday. The bulls will certainly bounce off these two areas during the day if they are to stay. The plan for the day is to start by studying the bounce as the US market is expected to rally for the second time.

Go short immediately with a target of 2640-2633 as gold trades around 2658. You can go short if it trades close to 2675 or 2686 for the first time. You can go short incrementally if it trades close to 2640 or 2633. Please refer to the live market for more up-to-date information. The current 4-hour trend of gold shows that the lower short-term support is at 2648-50, the lower support is at 2640, the upper short-term pressure is at 2659-2663, and the upper key pressure is at 2675-2680. We will conduct further operations by taking a back seat and patiently waiting for the important points to hit the market. Please pay attention to this in due time, as I will remind you of the exact approach to operations during the trading session.