After the CPI data was released yesterday, the gold price stabilized at 2700 points. We bought decisively and successfully touched the TP of 2720.
From the 1H chart, we can clearly see that the gold price has been running around the upward trend channel recently. Whenever the lower trend line is touched, the gold price will rise and hit a short-term high. When the upper trend line is touched, the gold price will pull back.
There is no doubt that under the bullish trend, we only need to buy long positions during the pullback to make a profit, and my strategy today is the same.
In the short term, there is resistance at 2720. Although it was briefly pierced here yesterday, it quickly fell back to the support of 2700 points. However, as time goes by, 2720 will definitely be broken, and the high point of the lower support is also moving up. Therefore, as long as the gold price falls back to the lower support or the lower trend line today, I will consider buying a long position.
From the 1H chart, we can clearly see that the gold price has been running around the upward trend channel recently. Whenever the lower trend line is touched, the gold price will rise and hit a short-term high. When the upper trend line is touched, the gold price will pull back.
There is no doubt that under the bullish trend, we only need to buy long positions during the pullback to make a profit, and my strategy today is the same.
In the short term, there is resistance at 2720. Although it was briefly pierced here yesterday, it quickly fell back to the support of 2700 points. However, as time goes by, 2720 will definitely be broken, and the high point of the lower support is also moving up. Therefore, as long as the gold price falls back to the lower support or the lower trend line today, I will consider buying a long position.
Trade active
Gold price has just stepped back on the lower trend line, and I have entered a long positionTrade closed: stop reached
It is a pity that today, the gold price fell below the rising trend line and the support of the 2700 integer mark, and continued to move downward. My long position also hit the stop loss of 2695, ending our winning streak.The downward trend of gold prices is very fierce, but there is a possibility of rebound at any time, so it is safer not to trade for the time being, and make a new trading plan tomorrow
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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.