Gold breaks out strongly and rises, is it an opportunity?

The 1-hour moving average of gold continues to form a golden cross and is in a bullish arrangement. Gold rose directly at the opening, breaking through the short-term downward trend and directly breaking through the previous high of 3357. Therefore, the short-term 3357 of gold has formed support. If gold falls back to 3357, continue to buy on dips. However, it should be noted that if gold falls below 3357 again, the adjustment range of gold may increase.



Gold has been rising wildly under the stimulation of recent risk aversion. In this kind of emotional market, we can only follow the trend, because gold continues to hit new highs and no one knows where it will rise. However, don’t easily chase the highs. After the fluctuations increase, the magnitude of each correction will not be small.

Trading idea: Go long near gold 3357, stop loss 3347, target 3380