Technical aspect:
Gold rebounded gradually after hitting 3120, and has now rebounded to around 3200. Where will gold rebound? Is there still a chance to continue to short gold?
In fact, from the current structure, gold has not shown a clear bottoming signal, so this wave of rebound can only be regarded as a technical repair after the decline; however, the rebound from 3120 to around 3200 is not small, which will significantly increase the probability of 3120 as a short-term bottom; so where will gold rise? I think gold is currently under resistance in the 3200-3210 area, and it may be difficult to break through this resistance area in a short period of time. When facing this resistance area, gold may fall under pressure and test the 3165-6155 area again;
If gold really needs to form a reversal structure, it is necessary for gold to retest the 3165-3155 area support again and form a "W" double bottom structure with the 3120 low; only in this way can a complete reversal structure be formed.
Trading strategy:
Consider continuing to short gold in the 3195-3205 area, TP: 3165-3155
Gold rebounded gradually after hitting 3120, and has now rebounded to around 3200. Where will gold rebound? Is there still a chance to continue to short gold?
In fact, from the current structure, gold has not shown a clear bottoming signal, so this wave of rebound can only be regarded as a technical repair after the decline; however, the rebound from 3120 to around 3200 is not small, which will significantly increase the probability of 3120 as a short-term bottom; so where will gold rise? I think gold is currently under resistance in the 3200-3210 area, and it may be difficult to break through this resistance area in a short period of time. When facing this resistance area, gold may fall under pressure and test the 3165-6155 area again;
If gold really needs to form a reversal structure, it is necessary for gold to retest the 3165-3155 area support again and form a "W" double bottom structure with the 3120 low; only in this way can a complete reversal structure be formed.
Trading strategy:
Consider continuing to short gold in the 3195-3205 area, TP: 3165-3155
Trade closed: stop reached
I am very sorry that our short position was eliminated again, because our short position loss caused us to give back most of the profits we made this morning. Although we still have a good profit today, it is a pity that we ended our 29-game winning streak today and did not continue our winning streak!
Traders who do not aim at profit are not qualified traders. Maintain a trading win rate of more than 85% and pursue the annual profit target: more than $600K! Witness Free Telegram Group: t.me/Steffen_S68
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.
Traders who do not aim at profit are not qualified traders. Maintain a trading win rate of more than 85% and pursue the annual profit target: more than $600K! Witness Free Telegram Group: t.me/Steffen_S68
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.