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After gold fell below 3200 this week, the current trend is as shown in the figure. The end of this wave is tentatively set at around 2900. There may be a rebound during the period, but it is only a rebound. After the news faded, I emphasized that the gold price of 3500 was a top to look at the retracement in my analysis after the 9th of this month. I also gave a short-selling strategy and the staged support position below. Now the support level has been broken one after another, so we can continue to look at the target according to the trend.
The last wave of decline at the short-term level has gone through several shock adjustments along the way. Now the gold price has rebounded again near 3120, and the highest rebound reached 3153. I also gave some people a reminder to continue shorting along the way. Now I will mainly make a brief analysis of the hourly line. After the sharp drop, the gold price must be repaired. One is shock adjustment repair, and the other is rebound repair. Under this extreme decline trend, gold does not have the conditions for a rebound, so I think the rebound here at 3120 is just caused by some short orders choosing to sell for profit, so the market will continue to fall in the future.
Now there are two main positions to focus on above. The first is the previous low point near 3168 during the decline, and the other is the starting point of the last wave near 3156. If the rebound does not cross these two positions, we can continue to see gold testing or even breaking through the recent low of 3120. Pay attention to the step support below near 3088.
After gold fell below 3200 this week, the current trend is as shown in the figure. The end of this wave is tentatively set at around 2900. There may be a rebound during the period, but it is only a rebound. After the news faded, I emphasized that the gold price of 3500 was a top to look at the retracement in my analysis after the 9th of this month. I also gave a short-selling strategy and the staged support position below. Now the support level has been broken one after another, so we can continue to look at the target according to the trend.
The last wave of decline at the short-term level has gone through several shock adjustments along the way. Now the gold price has rebounded again near 3120, and the highest rebound reached 3153. I also gave some people a reminder to continue shorting along the way. Now I will mainly make a brief analysis of the hourly line. After the sharp drop, the gold price must be repaired. One is shock adjustment repair, and the other is rebound repair. Under this extreme decline trend, gold does not have the conditions for a rebound, so I think the rebound here at 3120 is just caused by some short orders choosing to sell for profit, so the market will continue to fall in the future.
Now there are two main positions to focus on above. The first is the previous low point near 3168 during the decline, and the other is the starting point of the last wave near 3156. If the rebound does not cross these two positions, we can continue to see gold testing or even breaking through the recent low of 3120. Pay attention to the step support below near 3088.
Trade active
When the rebound ends, it will start to fall.Trade closed: target reached
Gold is abnormal, we still need to go long when we find an opportunity
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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.