Last week, the gold market opened high at 5314, influenced by the situation in the Middle East. The market initially surged, reaching a weekly high of 5420, before falling back strongly. The weekly low dropped to 4995, followed by a volatile rise, ultimately closing the week at 5171. The week ended with a large bearish candlestick that had a longer lower shadow than upper shadow. After such a formation, there is continued bullish demand in the market this week.
In terms of levels, after reducing positions at 4400 and 4670, stop losses should follow at 4700. Today, for the long position at 5070, the stop loss is at 5064; if it breaks, a quick drop to 5000 remains a long position with a stop loss at 4994. The targets are set at 5100, 5160, and 5215. If broken, the market will challenge the 5300 and 5400 round numbers.
In terms of levels, after reducing positions at 4400 and 4670, stop losses should follow at 4700. Today, for the long position at 5070, the stop loss is at 5064; if it breaks, a quick drop to 5000 remains a long position with a stop loss at 4994. The targets are set at 5100, 5160, and 5215. If broken, the market will challenge the 5300 and 5400 round numbers.
