In yesterday's article, I emphasized the importance of the 2880-2890 range. If it falls below this range, the space for decline will be further expanded, and the real downward trend is coming. I still hold this view now.
First of all, we can see from the 4H chart that the trend line that has been rising for 2 months has been broken, which is not a good signal for gold. It will largely lead to further decline in bullish sentiment and increase the possibility of continued correction.
From the 1H chart, gold has formed a double-top M pattern at present, and the short position is likely to continue. The support of the key point of 2880 has been verified today, but I personally think it is only a matter of time before it falls below this. If 2880 is also broken, the next support point will move down to 2830-2840.
Therefore, whether it is from a large or small direction today, it is biased towards shorting, so we can sell with the trend.
The suitable position for shorting now is, I think, above 2895-2905, but now it seems likely that yesterday's situation will occur and there will be no opportunity for shorting after a rebound. Therefore, we should respond flexibly, enter the market short first, and then add positions when there is a subsequent rebound. This way, we will not miss the opportunity and have more room for operation.
Operation strategy:
Now 2890sell (if it rebounds to around 2900, you can consider adding positions)
TP1:2860
TP2:2840
First of all, we can see from the 4H chart that the trend line that has been rising for 2 months has been broken, which is not a good signal for gold. It will largely lead to further decline in bullish sentiment and increase the possibility of continued correction.
From the 1H chart, gold has formed a double-top M pattern at present, and the short position is likely to continue. The support of the key point of 2880 has been verified today, but I personally think it is only a matter of time before it falls below this. If 2880 is also broken, the next support point will move down to 2830-2840.
Therefore, whether it is from a large or small direction today, it is biased towards shorting, so we can sell with the trend.
The suitable position for shorting now is, I think, above 2895-2905, but now it seems likely that yesterday's situation will occur and there will be no opportunity for shorting after a rebound. Therefore, we should respond flexibly, enter the market short first, and then add positions when there is a subsequent rebound. This way, we will not miss the opportunity and have more room for operation.
Operation strategy:
Now 2890sell (if it rebounds to around 2900, you can consider adding positions)
TP1:2860
TP2:2840
Trade active
As expected, gold has now fallen below the key support of 2880. The current price is 2868. Our short orders are profitable again. Congratulations to those who followed the signal trading.Trade closed: target reached
Gold has been trading sideways after yesterday's decline, but today the price of gold fell further during the Asian trading session, touching our TP1:2860. We obtained a profit margin of 30$ on our order of 2890Sell, which is great.
I will give today’s trading strategy for your reference later, see you later
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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
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.