Yesterday, due to reports that Israel and Hezbollah were close to a ceasefire, and a large number of long positions were closed after seeing the news, gold plummeted by nearly $100 during the day, with the lowest price reaching 2605.
The short position we entered at 2686 yesterday also successfully reached TP: 2650
From the 1H chart, we can see that gold has stabilized now, and the rebound is not strong. With such a strong short position, it is likely to continue to fall.
Today, we can short based on the previous resistance of 2640 above and the 0.618 position of the Fibonacci retracement of this decline, 2650.
Trading strategy:
Sell when it rebounds to the 2640-2650 area, and the target is temporarily set at the 2600 integer mark
The short position we entered at 2686 yesterday also successfully reached TP: 2650
From the 1H chart, we can see that gold has stabilized now, and the rebound is not strong. With such a strong short position, it is likely to continue to fall.
Today, we can short based on the previous resistance of 2640 above and the 0.618 position of the Fibonacci retracement of this decline, 2650.
Trading strategy:
Sell when it rebounds to the 2640-2650 area, and the target is temporarily set at the 2600 integer mark
Note
As I predicted, the price of gold fell again after testing above 2640.Trade active
The price of gold is now falling a bit slowly, but starting from 2640, it has dropped as low as 2616, and the current price is at 2626. If you don't want to wait, you can take profits in advance and lock in profits. The profit margin is also great.Trade closed: target reached
Brothers, now the gold price has dropped to 2620 again, from 2640 to 2620, the profit margin is 20$, I am ready to close the position, no more waiting, I will make a new trading plan tomorrow
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🟡Contact me to copy trading:
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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.
📣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.