The idea of keeping gold short at a high level is that after the winning streak of gold ended, gold continued to fluctuate in a narrow range. If there is no opportunity, then it will end early and rest. After all, it is Friday. After a hard week, it is time to rest. The news on the weekend has changed a lot, and it is full of uncertainty. Gold rebounded again in the second half of the night, which seems to be strong, but has gold reversed? It is too early to say now.
The 1-hour moving average of gold continues to be short, but after gold bottomed out at the first-line support near 3265, gold rebounded by more than 50 US dollars. Is this rebound a reversal? Not necessarily, because now it basically fluctuates by about 100 US dollars every day, and it is hard to say that a rebound of 50 US dollars is a reversal. The strength of next week is the key. If the rebound of gold next week is not very strong, then gold will still fluctuate and be short. The resistance of the 1-hour moving average above gold is near 3354, and the top of the negative line of gold on Friday is near 3352. If there is no effective breakthrough of these two positions next week, it will still be a fluctuating and short trend.
The weekly line of gold is also a shooting star with a long upper shadow at a high level. If there is no big bullish news to support gold in the short term, gold will be under pressure at a high level in the short term, and the daily line is also down from a high level without a strong counterattack. On the whole, there is still room for adjustment in the short term for gold.
The market is changing rapidly and confusing. Sometimes we cannot be confused by the illusion in front of us. Only by not being afraid of the clouds blocking our eyes can we see clearly behind the market. Before gold reverses, it is still bearish in the short term. It is light to follow the trend and messy to go against the trend. The market is always right. Going against the market will eventually be taught a lesson by the market. Don't have any fluke mentality in the face of the trend. The market will not forgive your mistakes again and again.
Next week's operation ideas: short gold 3350-60, target 3310-3300;
The 1-hour moving average of gold continues to be short, but after gold bottomed out at the first-line support near 3265, gold rebounded by more than 50 US dollars. Is this rebound a reversal? Not necessarily, because now it basically fluctuates by about 100 US dollars every day, and it is hard to say that a rebound of 50 US dollars is a reversal. The strength of next week is the key. If the rebound of gold next week is not very strong, then gold will still fluctuate and be short. The resistance of the 1-hour moving average above gold is near 3354, and the top of the negative line of gold on Friday is near 3352. If there is no effective breakthrough of these two positions next week, it will still be a fluctuating and short trend.
The weekly line of gold is also a shooting star with a long upper shadow at a high level. If there is no big bullish news to support gold in the short term, gold will be under pressure at a high level in the short term, and the daily line is also down from a high level without a strong counterattack. On the whole, there is still room for adjustment in the short term for gold.
The market is changing rapidly and confusing. Sometimes we cannot be confused by the illusion in front of us. Only by not being afraid of the clouds blocking our eyes can we see clearly behind the market. Before gold reverses, it is still bearish in the short term. It is light to follow the trend and messy to go against the trend. The market is always right. Going against the market will eventually be taught a lesson by the market. Don't have any fluke mentality in the face of the trend. The market will not forgive your mistakes again and again.
Next week's operation ideas: short gold 3350-60, target 3310-3300;
For every friend who proposes cooperation, I will do my best and use my professional strength to help you make profits. I have helped many members achieve stable profits. Join the Telegram group and start your journey of making https://money.https://t.me/TP_Dani
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.
For every friend who proposes cooperation, I will do my best and use my professional strength to help you make profits. I have helped many members achieve stable profits. Join the Telegram group and start your journey of making https://money.https://t.me/TP_Dani
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.