Currently, gold continues to rebound to around 3358, and there has been no decent retracement during the rebound, so during the trading period, apart from chasing the rise, there are almost no opportunities to go long on gold; so is the steady rise in gold during the day brewing a bigger rally?
I think there are three reasons for the continued rise of gold:
1. The continued weakness of the US dollar provides support for the strong rise of gold;
2. The trapped long chips have recently shown self-rescue behavior, and strong buying funds have driven gold up;
3. The market intends to eliminate and kill a large number of shorts in recent times;
Based on the above reasons, I think it is not a wise decision to chase gold at present; on the contrary, I still prefer to short gold in the short term, and I still hold a short position now; the following are the reasons to support my insistence on shorting gold:
1. The US dollar has a technical rebound demand after a sharp drop, which will limit the rebound space of gold and suppress gold;
2. After the recent trapped long chips successfully rescue themselves, they may cash out in large quantities, thereby stimulating gold to fall again;
3. While killing the shorts, the market has also lured a large number of long funds to a certain extent. Based on the above reasons, I currently still hold short positions near 3345 and 3355, and hope that gold can retreat to the 3335-3325 area.
I think there are three reasons for the continued rise of gold:
1. The continued weakness of the US dollar provides support for the strong rise of gold;
2. The trapped long chips have recently shown self-rescue behavior, and strong buying funds have driven gold up;
3. The market intends to eliminate and kill a large number of shorts in recent times;
Based on the above reasons, I think it is not a wise decision to chase gold at present; on the contrary, I still prefer to short gold in the short term, and I still hold a short position now; the following are the reasons to support my insistence on shorting gold:
1. The US dollar has a technical rebound demand after a sharp drop, which will limit the rebound space of gold and suppress gold;
2. After the recent trapped long chips successfully rescue themselves, they may cash out in large quantities, thereby stimulating gold to fall again;
3. While killing the shorts, the market has also lured a large number of long funds to a certain extent. Based on the above reasons, I currently still hold short positions near 3345 and 3355, and hope that gold can retreat to the 3335-3325 area.
Trade active
Gold has indeed started to fall as expected. At present, our short position has made a good profit. We hope that gold can continue to retreat and reach the target area.Are you short gold like me?Trade closed: target reached
Bros, I shorted gold in batches near 3345 and 3355 respectively as planned. After patiently holding and waiting, it is currently difficult for gold to fall. The short energy is weak and there is insufficient buying interest, so gold currently maintains a narrow range of fluctuations. And the intraday market is about to close, so I don't think there is any need for us to wait any longer. So I have closed the short position near 3337 to lock in profits.
Detailed strategies, accurate signals, considerable profits, Telegram group：t.me/Steffen_S68
Learn detailed trading strategies and get accurate trading signals, Telegram group: t.me/Steffen_S68
Learn detailed trading strategies and get accurate trading signals, Telegram group: t.me/Steffen_S68
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Detailed strategies, accurate signals, considerable profits, Telegram group：t.me/Steffen_S68
Learn detailed trading strategies and get accurate trading signals, Telegram group: t.me/Steffen_S68
Learn detailed trading strategies and get accurate trading signals, Telegram group: t.me/Steffen_S68
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.