Gold fluctuated upward yesterday, reaching a high of around 5238 in the evening. The bullish momentum was releasing, and the trend was relatively strong. Technical indicators showed overbought conditions. Later in the night, the price fell back below 5200. The daily chart finally closed with a bullish candle. This morning, before the market opened, I mentioned in my article that gold has an upward demand. The strategy suggested buying in batches around 5190-5180. The market perfectly met expectations, reaching a high of 5223.

On the daily chart, a bullish candle with a long upper shadow is visible. Combined with the hourly chart, it’s clear that gold indeed has bullish momentum. However, after a sudden surge, the subsequent momentum weakened, making it difficult to sustain an upward attack for now. The hourly MACD continues to weaken, and the MA20 and MA60 moving averages are starting to decline, testing support levels repeatedly. This indicates a reasonable consolidation trend. There’s no need to panic excessively. Support is expected around 5150-5160, with resistance at the intraday high of 5220-5230. The main approach is to buy on dips and sell on rallies.

Gold Trading Strategy:
Buy in batches around 5160-5170, with a stop loss of 10 points, targeting 5200-5210.
Sell in batches around 5240-5250, with a stop loss of 10 points, targeting 5220.

Disclaimer: The above content is for personal ideas and opinions only and does not constitute trading advice.