12.20 Gold short-term short-selling trend remains unchanged
Against the backdrop of changes in the Fed's expectations for a rate cut in 2025, and the reduction in the number of rate cuts and the reduction in the magnitude, the gold market plunged sharply on Wednesday night. Although there was a rebound on Thursday, the price once reached 2626. However, it should be noted that this seemingly strong rebound is actually a bullish counterattack after the decline, and it is difficult to reverse the overall downward trend.
From the daily trend pattern, the closing line of the high-rise and fall leaves a long upper shadow, which means that the increase cannot be maintained and the strong pattern is difficult to return.
This rebound, on the one hand, vented the resistance of the bulls, and on the other hand, it confirmed the pullback of the previous bottom support and completed the top-bottom conversion. Once the key support level is broken, the bears will continue. In addition, after the short-term touches the whole hundred mark, there will be repeated situations. From the technical perspective, whether it is rising or falling in the short-term, after touching the whole hundred mark, there will be short-term repetitions. Therefore, after yesterday's decline and the price fell below 2600, it is normal for the price to rebound.
Although the current market has not started to fall, it is very difficult for the price to return to the original support level, and the downward trend has become a high probability event.
Today's trading strategy:
SELL: 2620 Target 2600 90 80
From the daily trend pattern, the closing line of the high-rise and fall leaves a long upper shadow, which means that the increase cannot be maintained and the strong pattern is difficult to return.
This rebound, on the one hand, vented the resistance of the bulls, and on the other hand, it confirmed the pullback of the previous bottom support and completed the top-bottom conversion. Once the key support level is broken, the bears will continue. In addition, after the short-term touches the whole hundred mark, there will be repeated situations. From the technical perspective, whether it is rising or falling in the short-term, after touching the whole hundred mark, there will be short-term repetitions. Therefore, after yesterday's decline and the price fell below 2600, it is normal for the price to rebound.
Although the current market has not started to fall, it is very difficult for the price to return to the original support level, and the downward trend has become a high probability event.
Today's trading strategy:
SELL: 2620 Target 2600 90 80
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In the world of traders, only screening is done, not education. What can convince a person is never reason, but a wall. What can wake a person up is never preaching, but suffering. Trading is a long practice, and each of us pays for our own cognition. Smart people give enough time to get close to the pulse of the K-line, improve their cognition, and understand the changes in the K-line. Time cannot turn back, there is no if in trading, and attacking is a battle. Strict risk control is the best selfTrade closed: target reached
In the world of traders, only screening is done, not education. What can convince a person is never reason, but a wall. What can wake a person up is never preaching, but suffering. Trading is a long practice, and each of us pays for our own cognition. Smart people give enough time to get close to the pulse of the K-line, improve their cognition, and understand the changes in the K-line. Time cannot turn back, there is no if in trading, and attacking is a battle. Strict risk control is the best selfNote
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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.