In yesterday's article, I said that if the tariff issue is not eased and the dissatisfaction with the Fed and Powell does not stop, the market panic will be difficult to reduce, the safe-haven demand will not decline, and gold will continue to rise.
Then, during the US trading session yesterday, Trump's attitude ushered in a huge change. He said he had no intention of firing Powell, and the tension on the tariff issue may ease. For example, he claimed that the 145% tariff on China was indeed too high and would significantly reduce its tariffs.
Affected by this, US stock index futures soared, and assets such as the US dollar and BTC strengthened. Correspondingly, gold fell by $135 in a single day. Today, it opened lower and fell, with the lowest price reaching 3291.
From the 1H chart, we can clearly see that the trend of gold has now turned from long to short, and there are signs of a head and shoulders top in the form.
Therefore, in terms of trading strategy, we mainly short today. The upper resistance level can be observed in the previous high of 3340-3357. As long as it can rebound here, we can consider entering the market to short.
Then, during the US trading session yesterday, Trump's attitude ushered in a huge change. He said he had no intention of firing Powell, and the tension on the tariff issue may ease. For example, he claimed that the 145% tariff on China was indeed too high and would significantly reduce its tariffs.
Affected by this, US stock index futures soared, and assets such as the US dollar and BTC strengthened. Correspondingly, gold fell by $135 in a single day. Today, it opened lower and fell, with the lowest price reaching 3291.
From the 1H chart, we can clearly see that the trend of gold has now turned from long to short, and there are signs of a head and shoulders top in the form.
Therefore, in terms of trading strategy, we mainly short today. The upper resistance level can be observed in the previous high of 3340-3357. As long as it can rebound here, we can consider entering the market to short.
Trade active
Gold fell as expected, and the short positions entered near 3340 have made substantial profits. The 3300 round number has certain support, but it is only a matter of time before it falls below.Trade closed: target reached
Sure enough, the gold price fell below 3300 and successfully touched my TP. Now I will observe the support situation in the range of 3300-3290 and make a new trading plan.
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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.
If you don’t know where to start trading, you can join the channel and get accurate trading signals
👊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
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.