From the 1H chart, we can see that since the gold price fell from 2721 to 2605, although the trend has gradually stabilized above 2600 points, the rebound trend has not been smooth, but the decline is more violent, which shows that the bulls are obviously weaker than the bears.
According to the Fibonacci retracement of the 2721-2605 decline, 0.618 is exactly at the 2650 line. I have mentioned this many times before. Yesterday, the gold price rebounded here, but it still fell, reaching a minimum of 2621.
Today, the gold price is close to 0.618 again. I think once the bulls are exhausted, it will be another good Sell opportunity.
The target I see is 2600. If this integer mark is broken, it is likely to open up further room for decline. At that time, we can look at 2580 again.
According to the Fibonacci retracement of the 2721-2605 decline, 0.618 is exactly at the 2650 line. I have mentioned this many times before. Yesterday, the gold price rebounded here, but it still fell, reaching a minimum of 2621.
Today, the gold price is close to 0.618 again. I think once the bulls are exhausted, it will be another good Sell opportunity.
The target I see is 2600. If this integer mark is broken, it is likely to open up further room for decline. At that time, we can look at 2580 again.
Trade active
As I predicted, the gold price hit 2650 again and then fell back. Our Sell position here has now started to make a profit.
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📣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.