Gold is about to enter a weak zone and accelerate its decline
Updated
Through the analysis of the 4-hour chart of gold, we know that gold rebounded from the early trading to the pressure level of the downward trend line of 2163 and fell back. In the short term, we can clearly see from the chart that a concussive downward channel has been formed in the short term. We can see from the chart below The chart can also clearly see that the market is heavily involved in the short-term market at high levels. In the short term, MACD will run below the zero axis and further enter a weak market. In the short term, we will focus on the support of 2135 and 2124. In the short term, we will continue to short at high levels.
You can refer to my trading strategy, I hope it will be helpful to you
You can refer to my trading strategy, I hope it will be helpful to you
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Note
After gold fell to around 2147 today, it rebounded again. From this point of view, gold bulls still have a certain amount of energy, but precisely because of the rapid rebound after a decline, it is easy to confuse traders and increase the difficulty of trading to a certain extent. In fact, in my personal opinion, gold's retracement to the 2147 position again shows gold's weakness. Even if there is a short-term rebound, it also consumes the energy of gold bulls. Gold is gradually entering a weak area, and what is waiting at any time may be an accelerated decline.So in terms of trading, I still insist on shorting gold at high levels, while we focus on the 2165-2170 resistance area.
Note
The strengthening of the US Dollar against major currencies exerted downward pressure on gold prices, making the precious metal more expensive for international buyers and dampening demand in global markets.
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