XAUUSD(Gold)- Under Pressure 2510-2512$

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Today, gold fell from its highs and the trend turned weak. After hitting the highs, the price of gold continued to fall and once fell below the $2,500 mark. Although the price briefly recovered 2,500, from a technical point of view, the short-term downward trend of gold has been established. The failure to break through the highs means that the strength of the bears is gradually increasing.

The 4-hour chart shows that gold has formed a typical triple top structure, which is usually a signal of trend reversal. Furthermore, gold prices not only fell below the lows of the past two days, but also fell below the $2,500 mark and the 4-hour moving average support, indicating that bears are dominating the market. It is expected that the upper $2,510-2,512 line will become a strong resistance level, and the rebound high will gradually move down, showing signs of long weakness.

In the current market structure, there is still room for downside in gold prices. If it rebounds to the $2510-2512 area in the short term, you can consider shorting on rallies. The $2,470-2,485 range below will be short-term support. If the price drops further, it is necessary to focus on the performance of this range.

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Gold Trading Strategies Reference

🎯Strategy 1: Go Sell when gold rebounds to around 2515-2518, stop loss 6 points, target around 2500-2493, break the position and look at the 2485 line✅

🎯Strategy 2: Go Buy when gold pulls back to around 2483-2485 , stop loss 6 points, target around 2495-2505, and look at the 2510 line if the position is broken✅

✴️Strategy orders are divided into two positions at 1:2 or 1:3. The two positions shall not exceed 15% of the total position. A spare position shall be reserved. All positions shall not exceed 20% of the total position;

✴️Strategy orders change SL to the entry price when the profit is more than 3 US dollars. Unless otherwise notified, the original price shall not be re-entered;

✴️Strategy orders implement current price closing, unless there is a clear statement of pending orders or positions, the strategy is only valid for the day; overnight orders are prohibited;

⚠️The trend of the gold market is changing rapidly, and trading strategies may also be adjusted in real time. Investors are advised to place orders cautiously and manage account funds and positions reasonably.