After analysis in yesterday's article, it was concluded that this week is likely to be a downward cycle. At the same time, I also said that the main trading direction this week is short selling. Yesterday, I entered the market to go short at 2620 and closed the position with a profit at the 2600 integer mark. The profit margin was very good. If you follow the signal, I believe you will definitely make money.
From the 1H chart, we can see that the gold price entered a continuous decline mode after breaking the rising trend line, and the lowest point yesterday was 2596. From the Fibonacci retracement indicator from 2639 to 2596, the price of 2618 is exactly at the 0.5 position. The gold price has just touched this point during the rebound and started to fall again.
And 2612 is the 0.382 position of the Fibonacci retracement indicator, so today we can sell in the 2618-2612 range, with a target of 2580.
As for 2596, I think it is definitely not the location this week, and it is very likely to fall today.
From the 1H chart, we can see that the gold price entered a continuous decline mode after breaking the rising trend line, and the lowest point yesterday was 2596. From the Fibonacci retracement indicator from 2639 to 2596, the price of 2618 is exactly at the 0.5 position. The gold price has just touched this point during the rebound and started to fall again.
And 2612 is the 0.382 position of the Fibonacci retracement indicator, so today we can sell in the 2618-2612 range, with a target of 2580.
As for 2596, I think it is definitely not the location this week, and it is very likely to fall today.
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📣More detailed real-time trading strategies will be released in the channel, welcome to join and get them
🟢Join the free Telegram group:
t.me/Reliable_Trading0
🟡Contact me to copy trading:
t.me/Reliable_Trading1
🟢Join the free Telegram group:
t.me/Reliable_Trading0
🟡Contact me to copy trading:
t.me/Reliable_Trading1
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.