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Gold is consistent with our previous analysis. It has reached a new low recently, breaking through the key position of $3,220, ushering in a new round of decline. Some people directly said: It can't hold on.
This time, after the gold price opened lower on Monday, it has been hovering above $3,200-3,220, fluctuating back and forth, and finally failed to rebound successfully.
There are various opinions on the market about the reasons for the decline, and the key point I emphasize is: whether the decline is over must depend on whether the high point before the last decline is lost, and if the key support position is lost, it can no longer be defended.
For example: Yesterday we first entered the market near $3,220 and rebounded to around $3,243, and we have always emphasized the gains and losses of the key position of $3,215. When it is lost here, we must adjust our thinking in time. The difference between us is who can change their thinking faster at the critical moment.
For physical gold or accumulated gold, it is very passive without hedging tools. For example, when the price breaks the key position, it can only be solved by cutting losses. Because of chasing in at a high position, there is no follow-up funds to lower the cost. At the same time, the funds account for too large a proportion of their own cash flow, which will lead to passive beating.
Therefore, the market will not always rise and never fall, nor will it only fall and never rise. The key is how to balance the allocation of funds and risks, whether the key position can be accepted in time after it is lost, rather than holding on to it. Trading is not a simple one-trick win, but a flexible response. For example, gold ETF: I have always been investing weekly, from last year to now, and the proportion will not be too large. The rise and fall in the middle has almost no effect on me, and the leverage method must be to make a day-to-day settlement. If you encounter a unilateral long-term, you will take a bite, and if you don’t encounter it, you will seize the moment.
Okay, let’s talk about today’s gold market:
On Wednesday, the formula for gold application is: Asian market falls, European market continues, and the rebound before the US market is to lure more, and go short when you see a high. The Asian session fell from the high point to $3220 and has been fluctuating repeatedly. After rebounding to $3243 in the European session, it did not continue, but started a wave of decline. The key position of $3215 was broken during the US session, and the short position was confirmed at this time.
Also, today is: the previous day's weak bottom closing, the next day's early trading can still be shorted, today's pressure position is around $3195, the rebound pressure is the position of the early morning high, and then it breaks down to $3150, and the key pressure at this time is the top and bottom conversion.
As shown in the figure, after the bottom oscillation, a new high point moves down and the low point breaks, which is a typical decline. The early morning high of $3195 is the key long-short dividing point, and the top and bottom conversion becomes today's new entry position for shorting. Remember one sentence: Never look for support to go long in a falling market, but look for pressure to go short. When will the decline end: the high point before the last 1-hour or 4-hour decline is broken and closed above this position. The retracement confirms that there is no new low. The market outlook will rebound or reverse. There is no need to guess when the bottom will be reached. The bottom is found, not guessed! ! ! !
Today, gold rebounded and went short in the range of 3165-70. This is the pressure point for the top and bottom conversion. There are three short periods today: the opening rebound high, the top and bottom conversion of the European session rebound, and the rebound before the US session after the European session weakened. The defensive position is above 3195 US dollars, and the focus below is 3145-40-32 US dollars.
Gold is consistent with our previous analysis. It has reached a new low recently, breaking through the key position of $3,220, ushering in a new round of decline. Some people directly said: It can't hold on.
This time, after the gold price opened lower on Monday, it has been hovering above $3,200-3,220, fluctuating back and forth, and finally failed to rebound successfully.
There are various opinions on the market about the reasons for the decline, and the key point I emphasize is: whether the decline is over must depend on whether the high point before the last decline is lost, and if the key support position is lost, it can no longer be defended.
For example: Yesterday we first entered the market near $3,220 and rebounded to around $3,243, and we have always emphasized the gains and losses of the key position of $3,215. When it is lost here, we must adjust our thinking in time. The difference between us is who can change their thinking faster at the critical moment.
For physical gold or accumulated gold, it is very passive without hedging tools. For example, when the price breaks the key position, it can only be solved by cutting losses. Because of chasing in at a high position, there is no follow-up funds to lower the cost. At the same time, the funds account for too large a proportion of their own cash flow, which will lead to passive beating.
Therefore, the market will not always rise and never fall, nor will it only fall and never rise. The key is how to balance the allocation of funds and risks, whether the key position can be accepted in time after it is lost, rather than holding on to it. Trading is not a simple one-trick win, but a flexible response. For example, gold ETF: I have always been investing weekly, from last year to now, and the proportion will not be too large. The rise and fall in the middle has almost no effect on me, and the leverage method must be to make a day-to-day settlement. If you encounter a unilateral long-term, you will take a bite, and if you don’t encounter it, you will seize the moment.
Okay, let’s talk about today’s gold market:
On Wednesday, the formula for gold application is: Asian market falls, European market continues, and the rebound before the US market is to lure more, and go short when you see a high. The Asian session fell from the high point to $3220 and has been fluctuating repeatedly. After rebounding to $3243 in the European session, it did not continue, but started a wave of decline. The key position of $3215 was broken during the US session, and the short position was confirmed at this time.
Also, today is: the previous day's weak bottom closing, the next day's early trading can still be shorted, today's pressure position is around $3195, the rebound pressure is the position of the early morning high, and then it breaks down to $3150, and the key pressure at this time is the top and bottom conversion.
As shown in the figure, after the bottom oscillation, a new high point moves down and the low point breaks, which is a typical decline. The early morning high of $3195 is the key long-short dividing point, and the top and bottom conversion becomes today's new entry position for shorting. Remember one sentence: Never look for support to go long in a falling market, but look for pressure to go short. When will the decline end: the high point before the last 1-hour or 4-hour decline is broken and closed above this position. The retracement confirms that there is no new low. The market outlook will rebound or reverse. There is no need to guess when the bottom will be reached. The bottom is found, not guessed! ! ! !
Today, gold rebounded and went short in the range of 3165-70. This is the pressure point for the top and bottom conversion. There are three short periods today: the opening rebound high, the top and bottom conversion of the European session rebound, and the rebound before the US session after the European session weakened. The defensive position is above 3195 US dollars, and the focus below is 3145-40-32 US dollars.
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TP
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Our goal is simple, to provide the most professional guidance for free to help everyone make a profit
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.