Gold gradually fell after touching 3403, and the current lowest has fallen to 3364. Has the gold bull market ended? In fact, I think the gold retracement is a good time to buy, and I am not afraid of gold retracement.
From the overall perspective of the day, gold did not fall below the 3360 mark during today's retracement. This area has become the intraday strength and weakness dividing line. As long as gold can stay above 3360, I think gold still has the potential to continue to rebound. Moreover, the tariff issue and geopolitical conflicts have not been effectively resolved, which is still favorable for gold in terms of fundamentals. Moreover, gold has broken through 3400 twice. I think the bull market will not end easily, and there is still the potential to test 3400 again, and it may even rise to the 3410-3420 area.
Trading strategy:
Consider shorting gold in the 3365-3355 area, TP: 3390-3400
From the overall perspective of the day, gold did not fall below the 3360 mark during today's retracement. This area has become the intraday strength and weakness dividing line. As long as gold can stay above 3360, I think gold still has the potential to continue to rebound. Moreover, the tariff issue and geopolitical conflicts have not been effectively resolved, which is still favorable for gold in terms of fundamentals. Moreover, gold has broken through 3400 twice. I think the bull market will not end easily, and there is still the potential to test 3400 again, and it may even rise to the 3410-3420 area.
Trading strategy:
Consider shorting gold in the 3365-3355 area, TP: 3390-3400
Trade active
After gold fell below 3360, I observed for a while. After gold continued to fall to 3340 and stopped falling, I went long on gold again at around 3345. Now gold has rebounded to around 3350, and our long position has begun to make some profit. Have you gone long on gold?Trade closed: target reached
The last entry of executing a long trade near 3375 was because the expected rebound space was too high and TP:3400 was set. As a result, when gold rebounded to around 3385, the position was not closed in time when 100pips profit was earned, which eventually led to profit taking and hit SL:3365. Currently, gold has rebounded to around 3353, and the upper 3360-3370 area still has a suppressive effect in the short term, so we can currently choose to manually close the position and lock in profits in time.
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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.