Analysis of the daily chart of gold reveals that the downtrend from the previous trading day continued, with a temporary slowdown at 1810. Currently, the market is still in a weak consolidation phase. Since the pullback from the high point, it is evident that the market has returned to the range of horizontal oscillations and adjustments seen earlier (1780-1810), with a total recovery of the previous $150 price increase. This has formed a large inverted V-shaped reversal, resulting in a wide-range volatile trend. However, it is clear from the MACD below that the energy bars for the downward trend have shortened, indicating a bottom divergence. Relatively speaking, there has been some rebound from the support level below. In the short term, we should focus on the 1810 and 1780 support levels.
Our recommended trading strategy is to consider both long and short positions. Specifically, we suggest:
Buy gold at 1808 and 1794, with a stop loss of $7 each and a take profit of $15 each.
Sell gold at 1819 and 1832, with a stop loss of $7 each and a take profit of $15 each.
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