On April 21, international spot gold opened higher, extending its recovery momentum from the previous day and moving up initially. The US dollar index, which opened high yesterday, encountered resistance, fell back, and closed lower. It remains below the 200-day moving average, with bears holding the advantage, suggesting a weak outlook. This provides favorable support for the gold price. Additionally, oil prices are currently below the middle Bollinger Band and short-term moving averages, with a higher probability of trending sideways or declining, which should also limit the downside for gold. Therefore, for gold prices, the expectation is still for a sideways-to-upward movement in the future. The trading strategy remains primarily long, with short positions as a secondary tactic.
From a daily chart perspective, although the gold price is currently below the 60-day moving average, it remains above the 100-day moving average. The direction is not yet clear, but there are still many trading opportunities. In the short term, selling can be considered upon touching resistance near the 60-day moving average, while buying can be considered near support around the 100-day moving average. If the resistance of the 60-day moving average is broken, one could switch to a long position and follow the upward trend. If support at the 100-day moving average is broken, wait for a further pullback to near the support of the 144-day or 200-day moving average before looking to go long again.
Yesterday's strategy involved eight trades, successfully capturing a profit of $8,400. Precisely buying at the gold bottom and scaling into positions throughout the move secured the profits, demonstrating the ability to realize gains regardless of market direction. Follow for guidance to navigate trading challenges.
For specific real-time trade guidance during the day, refer to the live account information.
Preliminary intraday trading level ideas are provided for reference; specific entry and exit points will be confirmed based on live account notifications.