2nd Weekly Wednesday Gold Morning Report
Yesterday gold began with a choppy downward move. Currently it is once again approaching the 4320 level. This level is a strong support at the 4-hour timeframe. If price can effectively stop the decline, there should still be room for a rebound. However, if 4320 breaks, gold will likely further test the 4220 level. For now, focus mainly on that 4220 area. Near support, Xiaocang may consider entering long at lower prices; if the support breaks, cut losses and reverse to short!
Trading suggestions:
Between 4300-4320, expect price to move up toward the 4380-4360 area #xau
Yesterday gold began with a choppy downward move. Currently it is once again approaching the 4320 level. This level is a strong support at the 4-hour timeframe. If price can effectively stop the decline, there should still be room for a rebound. However, if 4320 breaks, gold will likely further test the 4220 level. For now, focus mainly on that 4220 area. Near support, Xiaocang may consider entering long at lower prices; if the support breaks, cut losses and reverse to short!
Trading suggestions:
Between 4300-4320, expect price to move up toward the 4380-4360 area #xau