Last Friday, we chose to short at a high level after encountering resistance at 2663. The decline on Friday was not obvious, only falling to 2650. Today, gold fell rapidly from 2650 to around 2622 at the opening. This profit margin can be said to be very considerable, but on Friday, we took profits in advance for the sake of safety.
From the 1H chart, the trend has been broken after today's decline, and it is now in the repair stage after the decline.
From the highest 2666 to 2622, the Fibonacci retracement of 0.382 is just around the position of 2639, so we can consider whether to short today based on the resistance of 0.382.
If 0.382 is broken, the gold price is likely to rebound again to around 2650, and 2650 is exactly where the Fibonacci retracement of 0.618 is, and it is also the trend line, so the resistance here will be relatively strong, and shorting can also be considered near this line at that time.
Trading strategies:
If 2639 cannot effectively break through, go short here. Secondly, wait for 2650 to go short again.
From the 1H chart, the trend has been broken after today's decline, and it is now in the repair stage after the decline.
From the highest 2666 to 2622, the Fibonacci retracement of 0.382 is just around the position of 2639, so we can consider whether to short today based on the resistance of 0.382.
If 0.382 is broken, the gold price is likely to rebound again to around 2650, and 2650 is exactly where the Fibonacci retracement of 0.618 is, and it is also the trend line, so the resistance here will be relatively strong, and shorting can also be considered near this line at that time.
Trading strategies:
If 2639 cannot effectively break through, go short here. Secondly, wait for 2650 to go short again.
Trade active
The resistance level of 2639 has been broken, we can just wait for the resistance of 2650 with peace of mindNote
I have entered a short position at 2650Note
Very good, the prediction is accurate again. The gold price did encounter resistance and fell after touching 2650. The current price fell to 2638. The friends who followed the order made money again. CongratulationsTrade closed: target reached
Judging from the closing of the hourly line, the short position is obvious, and the gold price will most likely continue to fall, but I am not going to continue to hold on. As of now, the gold price is 2636, and our short position at 2650 has a very good profit margin. I am very satisfied, so I plan to close the position first, lock in the profit, and then try a new trading strategy tomorrow.Friends who have followed the order can now take profit and close it. You can also continue to hold the radical point, but be careful to set up the stop profit and stop loss, and don't lose big because of small things.
Congratulations again to everyone for making money again😃
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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.