After hitting the integer mark of 3500 yesterday, gold fell back by nearly 200 US dollars. Today's early trading opened lower and directly swallowed up the overall rise of yesterday. Will gold continue to correct or turn around?
From the current decline, the range from the high point of 3500 to the current low point of 3315 is close to 200 US dollars. Considering this round of decline, it has exceeded the range of short-term correction. Therefore, traders should guard against the probability that the gold price will enter a turning point in the short term!
After the current decline is too large, the main area is to go sideways to correct the main force. The overall rebound will not be too large.
Main area: around 3380-3400
Defensive support below: double bottom around 3280
Operation suggestion: Do not carry orders, heavy positions, lock positions in sudden change cycles, and bring stop losses! "Specific operations are subject to actual trading"
From the current decline, the range from the high point of 3500 to the current low point of 3315 is close to 200 US dollars. Considering this round of decline, it has exceeded the range of short-term correction. Therefore, traders should guard against the probability that the gold price will enter a turning point in the short term!
After the current decline is too large, the main area is to go sideways to correct the main force. The overall rebound will not be too large.
Main area: around 3380-3400
Defensive support below: double bottom around 3280
Operation suggestion: Do not carry orders, heavy positions, lock positions in sudden change cycles, and bring stop losses! "Specific operations are subject to actual trading"
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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.
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.