Gold rebounds from 3100, but is the bullish momentum truly revived?
I don’t see it that way. Yesterday’s retracement to 3100 has already weakened the strong bullish structure to some extent, with 3150 likely acting as a key resistance level. I believe the current rebound is merely a technical retest of the 3150 zone, reinforcing it as a potential cycle high and paving the way for a double-top formation, which could provide a bearish technical setup for further downside.
Following the initial 3100 test, a second retest of this support level is likely. If gold fails to hold 3100 on the second attempt, a break lower towards 3095-3085 would become increasingly probable.
I will continue to scale into short positions within the 3132-3142 zone, with an initial target of 3120-3110. If gold approaches 3100, I will closely monitor the price action to assess the likelihood of a further breakdown.
The trading strategy verification accuracy rate is more than 90%; one step ahead, exclusive access to trading strategies and real-time trading settings
I don’t see it that way. Yesterday’s retracement to 3100 has already weakened the strong bullish structure to some extent, with 3150 likely acting as a key resistance level. I believe the current rebound is merely a technical retest of the 3150 zone, reinforcing it as a potential cycle high and paving the way for a double-top formation, which could provide a bearish technical setup for further downside.
Following the initial 3100 test, a second retest of this support level is likely. If gold fails to hold 3100 on the second attempt, a break lower towards 3095-3085 would become increasingly probable.
I will continue to scale into short positions within the 3132-3142 zone, with an initial target of 3120-3110. If gold approaches 3100, I will closely monitor the price action to assess the likelihood of a further breakdown.
The trading strategy verification accuracy rate is more than 90%; one step ahead, exclusive access to trading strategies and real-time trading settings
Trade active
Bros, the lowest price of gold has fallen back to around 3110, hitting our target area as expected. Following yesterday's short trade, our short position near 3134 once again ended the trade by hitting TP, and once again made a considerable profit.The trading strategy verification accuracy rate is more than 90%; one step ahead, exclusive access to trading strategies and real-time trading settings
Trade closed: target reached
Bros, gold rebounded again after hitting TP, but as long as gold does not break through the 3135-3145 area during the rebound, gold will retreat again, and falling below 3100 is just around the corner.The trading strategy verification accuracy rate is more than 90%; one step ahead, exclusive access to trading strategies and real-time trading settings
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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.