After the opening of gold today, the bulls and bears played fiercely. In the early trading, it fell to 3293 and received temporary support, then stabilized and rebounded. It broke through the high point of 3320 in the Asian session and continued to rise above 3330. However, the price was under obvious pressure near 3330, and the momentum indicators (MACD, RSI) showed a top divergence at the same time, reflecting the exhaustion of bullish momentum and limited short-term upside space.
From the technical structure, gold has effectively fallen below the middle track support of the H4 cycle, and at the same time lost the upward trend line built since the low point in June. The two breakout positions are highly overlapped, constituting an obvious technical weakening signal. The current trend is trapped in the key resistance suppression area, and it is expected to enter a high-level shock and weakening stage.
The operation suggestions are as follows:
🔸Strategy direction: short-term thinking
🔸Entry area: 3335–3345 range
🔸Defense reference: stop loss above 3350
🔸Target expectation: look down to 3305, break to 3293 or even 3280 near the extension support
In terms of fundamentals, the US dollar index is under short-term pressure, mainly due to the decline in the US fiscal outlook and US Treasury yields; but the non-agricultural data boosted economic resilience, which cooled the market's expectations for a rapid rate cut this year, restricting the rebound space of gold prices. Although risk aversion has support, it has not yet become a dominant driver. The current market sentiment remains cautiously neutral.
Overall judgment: The short-term rebound of gold prices is limited, and the short-term trend is gradually released after the structural break. It is recommended to follow the trend and go high, control risks, and steadily execute trading plans.
From the technical structure, gold has effectively fallen below the middle track support of the H4 cycle, and at the same time lost the upward trend line built since the low point in June. The two breakout positions are highly overlapped, constituting an obvious technical weakening signal. The current trend is trapped in the key resistance suppression area, and it is expected to enter a high-level shock and weakening stage.
The operation suggestions are as follows:
🔸Strategy direction: short-term thinking
🔸Entry area: 3335–3345 range
🔸Defense reference: stop loss above 3350
🔸Target expectation: look down to 3305, break to 3293 or even 3280 near the extension support
In terms of fundamentals, the US dollar index is under short-term pressure, mainly due to the decline in the US fiscal outlook and US Treasury yields; but the non-agricultural data boosted economic resilience, which cooled the market's expectations for a rapid rate cut this year, restricting the rebound space of gold prices. Although risk aversion has support, it has not yet become a dominant driver. The current market sentiment remains cautiously neutral.
Overall judgment: The short-term rebound of gold prices is limited, and the short-term trend is gradually released after the structural break. It is recommended to follow the trend and go high, control risks, and steadily execute trading plans.
Trade active
As expected in our trading plan, gold fell under pressure after reaching a high of 3338 during the rebound. The short strategy was successfully launched and entered the profit stage. The market trend is highly consistent with expectations. The trend judgment is still clear. We will continue to pay attention to market changes, follow up and do a good job of risk control, and master the rhythm of our own exit. Steady people can gradually reduce their positions to stop profits. Put the funds in the pocket.Today, the overall strategic ideas are all accurately fulfilled, the market conditions are highly consistent with the forecast, and execution is profit. Congratulations to all brothers, strictly follow the trading plan, and at the same time reap ideal profits. If you can persist, you will stand out, and if you can't persist, you will be eliminated. The market is never short of opportunities, but those who are not firm will always be eliminated. As long as you persist, without complicated operations, your weekly income can reach more than 100-400%.
Trade closed: target reached
All trading strategies today have realized profits, four times of entering and exiting have been accurately pocketed, and small bands have all gained something. Don't be greedy in the volatile market, the rhythm of selling high and buying low is clear, and steady progress is the core idea. There is no luck, only execution. Brothers who follow the trading plan also gained a lot today.Since we have come to the market, we must have the courage to fight the market. Cowardice will only make us retreat further. Only by moving forward courageously can we get what we want. Trading is tortuous and not so smooth. I think many people have seen too much beauty outside, but they find why the risks are always so great? Because they don't see the reality clearly! We can't change the risks of the market, but we can control the risks. Since I entered this market, I have always maintained my original intention. Profits will come only when risks are well controlled, but as long as we can seriously grasp the opportunity and adhere to the correct trading logic, we can quickly turn losses into profits. Without a perfect system, once is a fluke, twice is also a fluke, and in the end, we will only face losses!
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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.
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.