Daily-Weekly K-Line Shows a Double Golden Cross! Gold Is Ranging and Climbing; a “Rise Three, Dip Two” Rhythm—Reviewing Key Support and Resistance Levels
Many friends watch the gold price surge upward and can’t help wanting to chase in. A reminder: what we’re seeing now is a ranging slow bull, not a one-way straight-line breakout with nonstop gains. Blindly chasing highs can easily get you beaten back during pullback/whipsaw action. Today, I’ll combine the daily, weekly, and various intraday cycles to clearly explain the current major trend, the market rhythm, and today’s key support and resistance areas.
First, let’s look at the trend in the larger timeframe:
After the daily chart pulled back, a golden cross formed. The weekly chart also stays in golden-cross status. With signals aligned across these two major cycles, the broader direction remains bullish. The weekly mid-rail pressure is around 4490. On the daily chart, the prior downward-trend channel has been broken upward, forming a “range break” structure. Overall, it’s a slow bull lifting higher.
Next, look at the mid-to-small timeframes:
The 12-hour, 8-hour, and 6-hour charts are all moving upward in a ranging pattern. The slow-bull structure is very clear, suggesting that later on it will most likely keep ranging higher, continually testing fresh highs.
In short, with daily and weekly confluence plus multiple-hour cycle resonance pointing bullish, the bigger play is still mainly to look for buying on pullbacks to lower levels.
Now let’s talk about today’s short-term order flow:
On the 1-hour chart, the stochastic/random indicator and the MACD double lines are both in a “muted/flattened” state. The candlesticks still maintain a slow bull upward trajectory, so the short-term bullish structure hasn’t changed. For near-term support, first look around 4420; below that is the 4400 level.
On the 4-hour timeframe, the stochastic/random indicator keeps maintaining a golden cross, and the Bollinger Band lower rail is also rising in sync. The first short-term resistance is 4450. This level isn’t recommended to chase highs directly. The key support below is 4390; the stronger defensive position is at 4335.
Let’s emphasize the market rhythm: right now it’s typically a “rise three, dip two” slow-bull pattern. After each upswing, there will be a follow-up pullback and correction. Don’t chase rallies. Wait for price to fall back into the support zone, or after it consolidates sideways, and then look for a chance to follow in—this tends to be much steadier.
Today’s short-term summary:
Big picture bullish—don’t chase highs; wait for pullback opportunities.
Focus on the 4415, 4410, and 4390 area—this high-level support zone. After a pullback stabilizes, then plan entries in line with the trend.
For short setups: if price makes a first push up toward the 4490 area (near resistance), you can consider a light-position gamble on a short-term pullback.
Bo Wen’s personal view is for reference only and does not constitute investment advice. All risks related to investments are not connected to the website. Please be extremely cautious with risk investments; safety of principal comes first.
Many friends watch the gold price surge upward and can’t help wanting to chase in. A reminder: what we’re seeing now is a ranging slow bull, not a one-way straight-line breakout with nonstop gains. Blindly chasing highs can easily get you beaten back during pullback/whipsaw action. Today, I’ll combine the daily, weekly, and various intraday cycles to clearly explain the current major trend, the market rhythm, and today’s key support and resistance areas.
First, let’s look at the trend in the larger timeframe:
After the daily chart pulled back, a golden cross formed. The weekly chart also stays in golden-cross status. With signals aligned across these two major cycles, the broader direction remains bullish. The weekly mid-rail pressure is around 4490. On the daily chart, the prior downward-trend channel has been broken upward, forming a “range break” structure. Overall, it’s a slow bull lifting higher.
Next, look at the mid-to-small timeframes:
The 12-hour, 8-hour, and 6-hour charts are all moving upward in a ranging pattern. The slow-bull structure is very clear, suggesting that later on it will most likely keep ranging higher, continually testing fresh highs.
In short, with daily and weekly confluence plus multiple-hour cycle resonance pointing bullish, the bigger play is still mainly to look for buying on pullbacks to lower levels.
Now let’s talk about today’s short-term order flow:
On the 1-hour chart, the stochastic/random indicator and the MACD double lines are both in a “muted/flattened” state. The candlesticks still maintain a slow bull upward trajectory, so the short-term bullish structure hasn’t changed. For near-term support, first look around 4420; below that is the 4400 level.
On the 4-hour timeframe, the stochastic/random indicator keeps maintaining a golden cross, and the Bollinger Band lower rail is also rising in sync. The first short-term resistance is 4450. This level isn’t recommended to chase highs directly. The key support below is 4390; the stronger defensive position is at 4335.
Let’s emphasize the market rhythm: right now it’s typically a “rise three, dip two” slow-bull pattern. After each upswing, there will be a follow-up pullback and correction. Don’t chase rallies. Wait for price to fall back into the support zone, or after it consolidates sideways, and then look for a chance to follow in—this tends to be much steadier.
Today’s short-term summary:
Big picture bullish—don’t chase highs; wait for pullback opportunities.
Focus on the 4415, 4410, and 4390 area—this high-level support zone. After a pullback stabilizes, then plan entries in line with the trend.
For short setups: if price makes a first push up toward the 4490 area (near resistance), you can consider a light-position gamble on a short-term pullback.
Bo Wen’s personal view is for reference only and does not constitute investment advice. All risks related to investments are not connected to the website. Please be extremely cautious with risk investments; safety of principal comes first.