Gold opened slightly lower today, bottoming near 4054 before climbing steadily in a one-way rally, breaking above the 4100 level on strong volume and reaching a high near 4125. It formed a strong bullish reversal after testing the lows. Confidence doesn’t come from rising prices; it is built gradually when others are afraid.
Looking at the current chart, the lows are gradually moving higher and the price has broken above the upper Bollinger Band, signaling that a short-term bullish trend is underway. Central banks are continuing to increase their gold holdings, providing support over the medium to long term and favoring gold bulls. On the 4-hour chart, the price is holding above the middle Bollinger Band, which is the key level for this 4-hour bullish trend. As long as it does not break below this level, the broader 4-hour structure remains bullish.
Strategy: Go long near 4120, with a stop at 4100. The first target is 4146; if it breaks through, look to 4200#XAU .
Looking at the current chart, the lows are gradually moving higher and the price has broken above the upper Bollinger Band, signaling that a short-term bullish trend is underway. Central banks are continuing to increase their gold holdings, providing support over the medium to long term and favoring gold bulls. On the 4-hour chart, the price is holding above the middle Bollinger Band, which is the key level for this 4-hour bullish trend. As long as it does not break below this level, the broader 4-hour structure remains bullish.
Strategy: Go long near 4120, with a stop at 4100. The first target is 4146; if it breaks through, look to 4200#XAU .
