Gold experienced frequent fluctuations last Friday night. After opening today at around 3,400, it quickly fell back. Gold has already fallen below last Friday's low. 🐻
It is expected to retrace to test the support level of 3357-3350 today📈. If the support level is not broken, the bulls may rebound at any time.🐂
If it unexpectedly falls below, it may accelerate its decline to around 3330📉, where there is also support, and you can go long in the short term when it approaches📊.
On the whole, the main strategy during the day is to go long based on support and callback. If it touches 3357-3350 for the first time, you can consider going long with a light position.✅
It is expected to retrace to test the support level of 3357-3350 today📈. If the support level is not broken, the bulls may rebound at any time.🐂
If it unexpectedly falls below, it may accelerate its decline to around 3330📉, where there is also support, and you can go long in the short term when it approaches📊.
On the whole, the main strategy during the day is to go long based on support and callback. If it touches 3357-3350 for the first time, you can consider going long with a light position.✅
Trade active
Gold has now moved downwards to test the 3357-3350 support area as expected, and I have also arranged a long position according to the trading strategy. At present, gold has not effectively fallen below the support area below, so we can maintain a bullish mindset. The short-term adjustments are to accumulate momentum for a better rise in the future. In order to prevent gold from falling into volatility again before the release of CPI data, if it rebounds back to around 3370-3380 in the European session, you can consider taking profits and exiting the market. If there is another pullback in the future, we will still have a good opportunity to enter the market. In a volatile market, it is particularly important to control the rhythm of short-term trading, and locking in profits is the most practical option.Trade closed: target reached
Yesterday we expected gold to rebound, so we insisted on holding long positions. However, since yesterday's close, gold has been fluctuating repeatedly and has not been able to rebound to the ideal TP level of 3370. Judging from the current trend, the short-term upper pressure of 3358-3365 is still relatively strong.To effectively protect current account funds and maximize current trading profits, I advised to close their positions once the price rebounds above 3358.
Also, before the CPI data was released, I successfully predicted that even if the data was bullish for gold, market makers might create a false breakout to undermine bullish confidence, causing the price to test the 3330 support level before rebounding.
So we executed the long order again when it went down to around 3330 and successfully hit the TP to make a profit. Although I remain bullish on gold's bullish trend and believe it could potentially form a head-and-shoulders bottom pattern,
However, to prevent further market volatility that could cause gold prices to fall further, I have held off on entering the market after closing all my positions. In the short term, we need to pay attention to the short-term suppression level on the top and the short-term support range of 3340-3330 on the bottom. Once this support range is lost again, the gold price may fall to the 3321-3315 line.
Note
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📊Latest Trading Sharing Group 📊 :t.me/Allenview
📊Telegram Exclusive Mentoring 📊 :t.me/Allen_868
Helping Million Accounts Successfully Double Their Funds🚀
✅Seize the opportunity and seize the opportunity✅
📊Telegram Exclusive Mentoring 📊 :t.me/Allen_868
Helping Million Accounts Successfully Double Their Funds🚀
✅Seize the opportunity and seize the opportunity✅
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.