🔥GOLD BEARISH TREND FORMING✅
Updated
In yesterday's comments, we pointed out that the risk of a downward adjustment in the gold market will increase. In today's market, the important support point 2312 predicted earlier has been fulfilled. Judging from the weekly review last weekend, we expect that the adjustment will continue for the subsequent market trend. The downward adjustment has not yet ended, and further downward exploration is needed to find support. The possibility of a direct return to strength is small. The continuous highs this week have been suppressed, and the decline on this trading day indicates that the callback rhythm has started again. Therefore, it is appropriate to continue to maintain a high short-selling layout in the short term.
On the 4-hour chart, gold prices are currently oscillating under the pressure of a double top pattern.The moving average system shows a dead cross short position arrangement, suggesting that gold is still likely to fall, and there is a large room for decline. The momentum of the bulls is gradually weakening, while the power of the bears is gradually strengthening. Although it rebounded after experiencing a sharp decline in early trading, it has temporarily returned to the shock range. Whenever the price of gold rebounds above 2340, it is a good opportunity for short sellers to sell. If the price falls below 2310, the market may weaken further, and then only need to pay attention to shorting opportunities with a slight rebound. Therefore, our trading strategy is to wait for the price to rebound to the appropriate position and then decisively short. In the short term, European and American markets should pay attention to short-selling opportunities that rebound to the 2323-2325 range.
On the whole, today's short-term gold operation advice is to focus on rebound short selling, supplemented by callback long selling. Focus on the resistance range of 2320-2325 at the top and the support range of 2300-2305 at the bottom.
On the 4-hour chart, gold prices are currently oscillating under the pressure of a double top pattern.The moving average system shows a dead cross short position arrangement, suggesting that gold is still likely to fall, and there is a large room for decline. The momentum of the bulls is gradually weakening, while the power of the bears is gradually strengthening. Although it rebounded after experiencing a sharp decline in early trading, it has temporarily returned to the shock range. Whenever the price of gold rebounds above 2340, it is a good opportunity for short sellers to sell. If the price falls below 2310, the market may weaken further, and then only need to pay attention to shorting opportunities with a slight rebound. Therefore, our trading strategy is to wait for the price to rebound to the appropriate position and then decisively short. In the short term, European and American markets should pay attention to short-selling opportunities that rebound to the 2323-2325 range.
On the whole, today's short-term gold operation advice is to focus on rebound short selling, supplemented by callback long selling. Focus on the resistance range of 2320-2325 at the top and the support range of 2300-2305 at the bottom.
Note
Gold Trading Strategies Reference🎯Strategy 1: Go short when gold rebounds to around 2323-2325, stop loss 6 points, target around 2310-2305, break the position and look at the 2300 line✅
🎯Strategy 2: Go long when gold pulls back to around 2300-2303, stop loss by 6 points, target around 2310-2315, and look at the 2320 line if the position is broken✅
Note
🔥Congratulations!! Hit strategy 2 and reach 2313.Please manage your positions and funds well and try to operate with light positions✅Note
Gold has been falling all the way down today, destroying the recent upward trend of the channel. The intraday retracement broke through the rising point of the previous wave, and the short-term faces further weakness. Regardless of whether gold is on the weekly or daily lines, the downward structure of the big cycle is still there. The recent upward momentum of the U.S. index has not diminished. Coupled with the upcoming Federal Reserve interest rate meeting in March, interest rate cuts are basically a high probability event. Judging from past trends, expectations of a delay in interest rate cuts will prompt the U.S. index to continue to strengthen, causing gold to fall further. It is expected that the decline will continue in the evening, and the daily level will focus on the previous low of 2291 and the support level near the lower rail of 2285.
The 4-hour chart shows that the double top has been suppressing gold's rise recently, and gold's 4-hour moving average has formed a dead cross. The market showed a short trend, especially during the U.S. trading session. Although there was a brief rebound, it soon began to fall rapidly again, which provided opportunities for short trading. During the U.S. trading session, gold rebounded to around 2313 and then began a rapid decline. The hourly trend shows a concussive downward trend that is consistent with the short-term moving average. Today's closing trend will be particularly important. Considering that there will be more data released in the second half of this week, especially in late trading operations, you can consider paying attention to short opportunities near 2310-2313.
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