Last Friday, our strategy was to sell near the resistance of 2700-2710, and the result was good. The gold price fell to 2658 at its lowest.
Although gold has rebounded now, there are still signs of a head and shoulders bottom, so I think the gold price will test the support of 2650 before it can really rise.
From the figure, we can clearly see that in this wave of rising trend from 2535 to 2720, the 0.618 position is just near the support line of 2650.
Only if the gold price does not break the support of 0.618 can it continue to hit highs.
So my next operation is to sell at 2686 first. When the gold price tests 2650 without breaking, I can close the sell position and buy a long position.
Although gold has rebounded now, there are still signs of a head and shoulders bottom, so I think the gold price will test the support of 2650 before it can really rise.
From the figure, we can clearly see that in this wave of rising trend from 2535 to 2720, the 0.618 position is just near the support line of 2650.
Only if the gold price does not break the support of 0.618 can it continue to hit highs.
So my next operation is to sell at 2686 first. When the gold price tests 2650 without breaking, I can close the sell position and buy a long position.
Trade active
Notice: The Sell position of 2686 has reached TP2650, and the current price has fallen to 2640. Those who have not closed their positions have closed their positions quickly. Congratulations on making a good profit.Now observe the closing of the 1H line of 2650. If it does not return to 2650, we will not trade for the time being. If it returns to 2650, then we will prepare to lay out a new trading plan.
Note
The closing price of the 1H chart just now is 2641, which is lower than the support level of 2650. Therefore, we cannot lay out new positions now and need to wait for this wave of short forces to be released.Trade closed: target reached
The next support for gold is 2600. If it falls below, it may open up room for further decline. We sold from 2686 today and got the TP of 2650, which is already very good. Don't rush into the market now, because the downward trend is very strong and you need to be patient.
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📣More detailed real-time trading strategies will be released in the channel, welcome to join and get them
🟢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
Related publications
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.