Because of the news that Iran hopes to ease the hostile relationship with Israel, gold fell sharply in the short term, then rebounded after touching 3383, and quickly recovered above 3390. From this point of view, the buying support below is strong, and the market sentiment is still high, which limits the downside of gold, and the support of 3390-3380 area is still valid.
Although the bullish momentum of gold has weakened relatively due to the retracement in the short term, as long as gold remains above 3380, it still maintains a strong upward structure; and the retracement only exacerbates the short-term shock trend. Gold is still likely to maintain a shock upward structure and try to touch the 3410-3420 area again. Once gold breaks through 3420 strongly, it is expected to hit the area near 3450 again.
So for short-term trading, I still hold a long position in gold, and there is still a certain profit now. I have to say that if gold can reach the 3410-3420 area as expected, our profits will increase significantly!
Although the bullish momentum of gold has weakened relatively due to the retracement in the short term, as long as gold remains above 3380, it still maintains a strong upward structure; and the retracement only exacerbates the short-term shock trend. Gold is still likely to maintain a shock upward structure and try to touch the 3410-3420 area again. Once gold breaks through 3420 strongly, it is expected to hit the area near 3450 again.
So for short-term trading, I still hold a long position in gold, and there is still a certain profit now. I have to say that if gold can reach the 3410-3420 area as expected, our profits will increase significantly!
Trade active
Gold has not fallen below 3388 during the current retracement, which shows that the buying support for gold is still strong. If a secondary low point is formed near 3388 in the short-term structure, and a double bottom structure is successfully formed with the retracement low point of 3383, it will be more conducive to the rebound of gold and lay a good foundation for gold to hit the 3410-3420 area again!Trade closed: target reached
Gold has never fallen below 3380, and there is still a chance for gold bulls to rebound. At present, gold has hit 3400 again, and our gold long position has once again made a very good profit. If gold can hit our TP: 3405, then we can get 300pips of profit in the long position. Friends in the channel have made a lot of money, how is your trading situation?
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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.