During the weekend, major news frequently came out, and the market fluctuated greatly.
The most important thing is that the negotiations between China and the United States in Geneva have made significant progress. The tariffs of both sides were subsequently announced to be significantly reduced, and the market trade tensions were eased. Secondly, the two sides in the Russian-Ukrainian battlefield intended to cease fire, and the momentum of the conflict between India and Pakistan was temporarily eased. The signals released by multiple fundamentals are not good for gold. With the sharp reduction of risk aversion, gold opened low and fell, and plummeted by more than $100 in a single day.
From a technical point of view, there is a technical gap above, and it has fallen by more than $100 in a single day. Therefore, I do not recommend blindly chasing shorts at present. It will be more reasonable to consider it after filling the gap above.
From the gold 4H chart, it can be seen that the key support below is at the 3200 integer mark. Once it falls below this, an M-shaped double top structure will be formed, and the next decline may extend to the 3000 integer mark. On the contrary, if 3200 holds the decline, the bulls may usher in a counterattack, at least filling the gap above.
Therefore, in terms of operation, it is not recommended to chase the short position. You can consider going long on gold when it stabilizes at 3200-3210.
The most important thing is that the negotiations between China and the United States in Geneva have made significant progress. The tariffs of both sides were subsequently announced to be significantly reduced, and the market trade tensions were eased. Secondly, the two sides in the Russian-Ukrainian battlefield intended to cease fire, and the momentum of the conflict between India and Pakistan was temporarily eased. The signals released by multiple fundamentals are not good for gold. With the sharp reduction of risk aversion, gold opened low and fell, and plummeted by more than $100 in a single day.
From a technical point of view, there is a technical gap above, and it has fallen by more than $100 in a single day. Therefore, I do not recommend blindly chasing shorts at present. It will be more reasonable to consider it after filling the gap above.
From the gold 4H chart, it can be seen that the key support below is at the 3200 integer mark. Once it falls below this, an M-shaped double top structure will be formed, and the next decline may extend to the 3000 integer mark. On the contrary, if 3200 holds the decline, the bulls may usher in a counterattack, at least filling the gap above.
Therefore, in terms of operation, it is not recommended to chase the short position. You can consider going long on gold when it stabilizes at 3200-3210.
Trade active
As expected, gold rebounded after falling to the 3200-3210 range. The current price is around 3240. Those who followed the long orders should have made money.The next position we need to pay attention to is 3260, which is the 0.382 position of this downward trend. If the rebound fails to break through here, it will fall again, followed by 3290.
If the rebound does not exceed two positions, you can consider shorting near this position.
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If you don’t know where to start trading, you can join the channel and get accurate trading signals
👊Join the free Telegram group:
t.me/Reliable_Trading0
🏆Contact me to copy trading:
t.me/Reliable_Trading1
👊Join the free Telegram group:
t.me/Reliable_Trading0
🏆Contact me to copy trading:
t.me/Reliable_Trading1
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.