Under the influence of unemployment benefits and zero monthly sales data, gold fell sharply in the short term, but it did not effectively fall below 3310 during multiple tests, effectively curbing the further downward space of the shorts. Multiple structural supports are also concentrated in the 3310-3300 area, so as long as gold does not fall below this area, gold bulls still have the potential to rebound.
However, for the current gold market, it may be difficult to see a unilateral trend in the short term. After experiencing discontinuous surges and plunges, gold may focus on consolidation and repair, and the consolidation range may be limited to the 3340-3300 area.
So for short-term trading, first of all, I advocate going long on gold in the 3320-3310 area, and expect gold to rebound and reach the 3330-3340 area;
If gold reaches the 3335-3345 area as expected, we can start to consider shorting gold, and expect gold to step back to the 3320-3310 area during the shock and rectification process.
However, for the current gold market, it may be difficult to see a unilateral trend in the short term. After experiencing discontinuous surges and plunges, gold may focus on consolidation and repair, and the consolidation range may be limited to the 3340-3300 area.
So for short-term trading, first of all, I advocate going long on gold in the 3320-3310 area, and expect gold to rebound and reach the 3330-3340 area;
If gold reaches the 3335-3345 area as expected, we can start to consider shorting gold, and expect gold to step back to the 3320-3310 area during the shock and rectification process.
Trade active
As expected, gold rebounded to my expected shorting zone of 3335-3345. Although it still seems to have room for rebound, it still faces strong resistance on the upside. I will consider shorting gold as planned. Do you also think that gold will retreat again?Trade closed: target reached
Gold will test the 3320-3310 area again after the rebound. As long as it stays below 3350, any rebound is an opportunity to short gold. So during the gold rebound, we can still seize the opportunity to short gold. Let us hope that gold can retreat as expected and bring us considerable profits.
Detailed strategies, accurate signals, considerable profits, Telegram group：t.me/Steffen_S68
Learn detailed trading strategies and get accurate trading signals, Telegram group: t.me/Steffen_S68
Learn detailed trading strategies and get accurate trading signals, Telegram group: t.me/Steffen_S68
Related publications
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Detailed strategies, accurate signals, considerable profits, Telegram group：t.me/Steffen_S68
Learn detailed trading strategies and get accurate trading signals, Telegram group: t.me/Steffen_S68
Learn detailed trading strategies and get accurate trading signals, Telegram group: t.me/Steffen_S68
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.