Today, gold hit 3375 several times and then fell back after encountering resistance. The lowest has reached 3341. Although the rising structure has not been completely destroyed, and the technical double bottom structure and the inverted head and shoulder structure support resonance effect still exist below, since gold fell below 3350, it has not even been able to stand above 3350 in the current rebound. The gold bull pattern has been weakened to a certain extent, and the market has begun to diverge in the long and short consciousness.
Gold encountered resistance and fell back near 3375 three times, proving that the upper resistance is relatively strong. Gold must increase liquidity by retracement to store more energy for breakthrough, so the short-term correction of gold is actually within my expectations, which is why I advocate brave shorting of gold today! However, according to the current retracement range and the fact that gold has been unable to stabilize above 3350, I believe that gold has not fallen to the right level and there is still room for retracement below. So I think gold will continue to pull back to test the 3335-3325 area. If gold retests this area and does not fall below, we can boldly go long on gold in this area.
Once gold rebounds after testing the 3335-3325 area, as liquidity increases, the market may form a strong bullish force to support gold to continue its rebound and continue to the 3380-3390 area, or even the 3400-3410 area.
Gold encountered resistance and fell back near 3375 three times, proving that the upper resistance is relatively strong. Gold must increase liquidity by retracement to store more energy for breakthrough, so the short-term correction of gold is actually within my expectations, which is why I advocate brave shorting of gold today! However, according to the current retracement range and the fact that gold has been unable to stabilize above 3350, I believe that gold has not fallen to the right level and there is still room for retracement below. So I think gold will continue to pull back to test the 3335-3325 area. If gold retests this area and does not fall below, we can boldly go long on gold in this area.
Once gold rebounds after testing the 3335-3325 area, as liquidity increases, the market may form a strong bullish force to support gold to continue its rebound and continue to the 3380-3390 area, or even the 3400-3410 area.
Trade active
Currently, gold is in a narrow range of fluctuations, and the rebound is limited to below the 3350-3355 area. If gold fails to successfully break through this area, it may continue to test downward and seek strong support. Therefore, gold may still retest the 3335-3325 area as expected. If gold retests this area and does not fall below it, gold may rebound and rise! And it is expected to continue the rebound and hit 3380 again, or even higher!Trade closed: target reached
Although gold rebounded as expected, it failed to reach 3335, so unfortunately we did not get an entry opportunity. Currently, the highest price of gold has reached around 3365, and the bullish momentum has weakened. After the decline, it will be under pressure in the 3360-3370 area in the short term. Now we can try to start shorting gold in this area
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.