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Double Down on Gold — Targeting 3400–3410!Obviously, gold did not give us the opportunity to short gold near 3440 today. In the process of its recent pullback, gold tested 3400 as expected, and after falling below 3400, it continued to fall to around 3385 as if it was planned by me. Although the lowest point had reached around 3381, it quickly rebounded above 3385. What is relatively regrettable today is that both of our plans to short gold ended in failure. The first time was when gold did not give us the opportunity to short near 3440. The second time was when we were preparing to short gold at 3400 and set the TP to 3385. However, we did not have time to create an order because the price fell too quickly, causing us to miss the gold short trade again. At present, I have a trading order to go long on gold near 3386. And I go long on gold with twice the usual trading volume. Why am I still optimistic about the rebound of gold in the short term after the gold price fell by nearly $60? Because the area around 3385 is the short-term bull-bear dividing line, although gold has fallen sharply, as long as it stays above the area around 3385, gold is still in a bullish trend as a whole, and the bullish structure has not been destroyed, so in the short term, gold still has a lot of room for rebound after the pullback. This is why I dare to use twice the usual trading volume to buy gold near 3386. However, because the current gold long and short continuity is not strong, and the market uncertainty is still increasing due to complex news, the gold market is prone to violent fluctuations in the short term, so we have to be more careful in trading. At present, I still hold a gold long position near 3386, and I hope that gold can continue to rebound to the target area: 3400-3410.
OANDA:XAUUSDLong
by Trading_Steffen
Gold Softens — Watching for a Tactical Long OpportunityYesterday, gold hit a low of around 3351 and then began to rebound. During the rebound, it hit a high of around 3377 and then retreated again. We can clearly see that below 3400, gold is still weak overall, and even failed to reach 3380 during the rebound. In the short term, the 3380-3390 area has become an obvious resistance area. Yesterday, gold rebounded after dropping to around 3351. Whether the support near 3350 is effective has not been verified again, so from a technical perspective, gold still has the need to retreat again and test the support near 3350. Once gold falls below the area when testing the support near 3350, gold may continue to fall to the 3335-3325 area. Therefore, in today's trading, the focus is still on shorting gold, supplemented by trying to go long on gold with the support. 1. Consider shorting gold in the 3380-3390 area, TP: 3365-3355; 2. Consider going long gold in the 3355-3345 area, TP: 3365-3375; strictly set SL 3. If the 3355-3345 area is broken, try to go long gold again in 3335-3325, TP: 3360-3370
OANDA:XAUUSDShort
by Trading_Steffen
More Pain for Gold? The Charts Say It’s PossibleSince the start of the London market, gold has almost maintained a narrow range of fluctuations in the 3390-3385 area. Compared with yesterday, the market is much weaker today, and gold has failed to stabilize at 3400 several times, indicating that the sentiment of cashing out near this area is also very high. From the current gold structure, gold is obviously biased towards a long structure. Since gold broke through 3400, 3375-3365 has become the key support area after the top and bottom conversion in the short term. However, gold rose strongly yesterday but did not stabilize at 3400. The bullish sentiment may no longer be strong. Moreover, after the accelerated rise in gold, the sustainability was not strong, so gold still needs to retreat in the short term. This is why I insisted on shorting gold again near 3400 yesterday. Therefore, I think gold has not yet retreated to the right level. I will pay attention to the opportunity to go long on gold after it pulls back to the 3375-3365 area. Gold fell after touching 3400 twice. Whether a short-term effective "M" double top structure has been formed, I think more signals are needed to verify. However, in the short term, it is still under pressure in the 3405-3410 range, so if there is no major positive news, I think gold may maintain a wide range of fluctuations in the 3410-3360 range. Therefore, if gold rises to the 3400-3410 range again, I will continue to try to short gold!
OANDA:XAUUSDShort
by Trading_Steffen
3325–3315: Potential Bullish Reversal ZoneGold maintained a volatile trend today, but the highest intraday price only touched 3343. Overall, gold is still weak, but the bulls have not completely given up, and there is still a certain amount of energy, which limits the retracement space of gold. The current short-term support is in the 3325-3315 area. If gold cannot fall below this area in such a weak situation, the market may reach a consensus that 3325-3315 is the support area, thereby attracting a large amount of buying funds to flow into the gold market, thereby boosting gold to regain the bullish trend again and is expected to hit the 3350-3360 area. So for short-term trading, I currently prefer to start long gold with the 3325-3315 area as support, first expecting gold to recover some of its lost ground and return to the 3350-3360 area!
OANDA:XAUUSDLong
by Trading_Steffen
Eyes on 3335–3325: Next Bullish Launchpad！！！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.
OANDA:XAUUSDLong
by Trading_Steffen
Gold’s Uptrend Is a Mirage,Bears Are Lurking Beneath!Gold has rebounded to around 3336, and seems to have tried to stand above 3335, but it has not stood firm. Therefore, it cannot be considered that the bulls have an advantage just because gold has tried to break through 3335. Recently, I have been reminding everyone that before gold stands above 3335, the bears still have the spare power to dominate the market, so I fully believe that the gold bulls and bears will fight fiercely for control around 3335! Why do I think it is difficult for gold bulls to have a good performance in the short term? Because since gold fell and touched 3285, it has fallen below many key supports. The market is short-selling. The previous support has become a key resistance under the effect of technical top and bottom conversion, and multiple resistances are concentrated in the 3335-3345-3355 area. Under the suppression of multiple resistances, it is difficult for gold bulls to make any progress in the short term. So before the resistance is effectively broken, I think any rebound may be an opportunity to short gold, so I will try to find the band top and short gold based on the resistance area, and now I think it is still worth a try to short gold in the 3330-3340 area as originally planned! And look at the target area of ​​3320-3310
OANDA:XAUUSDShort
by Trading_Steffen
Short gold, the bears will still counterattack after the reboundGold rebounded to the 3305-3315 area as expected, and our gold long position successfully won 360pips profit. So after standing above 3,300 again, will gold resume its bullish trend? I think that although gold has stood above 3300 again, it cannot be confirmed that the decline has been completely reversed for the time being. Relatively speaking, gold bears still have the upper hand. In the short term, gold is under pressure in the 3325-3335 area, so before recovering this area, gold bears still have repeated fluctuations, and may even test the 3305-3295 area again. So we can't blindly chase gold in trading. Before gold recovers the 3325-3335 area, gold can only be regarded as a rebound, not a reversal. So gold bears may counterattack at any time, so in short-term trading, we can consider shorting gold with the 3325-3335 area as resistance after gold rebounds. The first entry area that must be paid attention to is 3320-3330.
OANDA:XAUUSDShort
by Trading_Steffen
The short position is losing money. What should we do?Gold hit the intraday low of around 3296 and then began to rebound. We can see that the rebound of gold is not strong, but it is relatively sustained, so gold has rebounded to around 3335. To be honest, I did short gold according to my plan and still hold a short position. Although gold has rebounded to around 3330, I don’t think my short gold trade has failed. As I said in the previous point of view, gold is facing technical suppression of the head and shoulders in the short term, which will suppress the rebound limit within the 3335-3340 area. So before gold stabilizes at 3340, I think the gold shorts still have the upper hand. So as long as gold stays below 3340, I think the gold rebound is a good opportunity to short gold. At present, gold is facing the resistance area of ​​3335-3340 and begins to show signs of stagflation. After consuming a certain amount of bullish momentum, the gold shorts may counterattack strongly again and stimulate gold to fall rapidly. Therefore, before gold breaks upward through the 3335-3345 area, we can still consider shorting gold, or continue to hold a short position in gold!
OANDA:XAUUSDShort
by Trading_Steffen
Gold shorts may continue to 3280 or even 3255Gold started to fall from around 3342 in the Asian session, and currently hit a low of around 3305. This is completely consistent with my prediction: "Before gold stabilizes at 3340, it is still in a short trend. Gold shorts may counterattack at any time and look at the target area in turn: 3315-3305." Currently, gold has reached the target area as expected. There is no doubt that gold is still in an obvious short arrangement at present, and gold shorts may have just begun. For the next short-term trading, we still focus on shorting gold, so what we are most concerned about now is where gold can rebound and where is the most suitable short entry? ! From the current structure of gold, gold is under pressure from the short-term head and shoulders technical structure. This resistance structure compresses the rebound limit in the short term to the 3335-3340 area; and the short-term resistance area is located in the 3320-3330 area; once gold is under pressure and falls again, I think it is very likely that gold will fall to the 3295-3285 area again, and may even extend to the 3365-3355 area. Therefore, I think shorting gold is still the first choice for short-term trading; you can consider shorting gold in the 3320-3340 area, looking at the target area of ​​3290-3280-3270
OANDA:XAUUSDShort
by Trading_Steffen
Gold may need to retreat to around 3300 againYesterday, the gold rebound stopped at around 3358, and then began to retreat. After that, it even failed to stand above 3350 during the rebound process, which to a certain extent hit the confidence of the bulls; At present, gold has retreated to the area near 3330 again. Although gold has fallen slowly, the center of gravity of gold is still shifting downward in the short term, and the trading volume of gold is gradually increasing when it is falling, so I think the short position may not be over, and the 3330 area may be broken at any time; and the support area that really deserves our attention is first the 3320-3315 area, followed by the 3300-3295 area; From the current gold structure, I think gold may still test the area near 3300 again before rising. Only after gold retreats to the area near 3300, it is possible to build an A-B-C head and shoulders bottom structure at the technical level (as shown in the figure), which can also help gold build a complete and effective rising structure, so gold has the need to retreat to the area near 3300 to build a right shoulder structure. Therefore, I think shorting gold is still the first choice for short-term trading at present; you can consider shorting gold in the 3335-3355 area, looking at the target area of ​​3320-3310-3300.
OANDA:XAUUSDShort
by Trading_Steffen
Short gold after reboundGold rebounded after touching 3312, and has now rebounded to 3330, but the rebound strength is far less than the decline strength, so the overall performance of gold is still weak. Because gold fell sharply yesterday, the market bullish confidence suffered a heavy blow, and there are many resistances above after gold fell and broke, and it is under pressure at 3340-3350 in the short term, and there is a technical gap above that suppresses the 3360-3370 area. Therefore, before gold stabilizes in the 3360-3370 area, the short-selling force still has the upper hand, so we still focus on shorting gold in trading. We can consider shorting gold with the 3340-3350 area as resistance, and look at the target area of ​​3320-3310. The Premium privilege of my account will end on June 26, and it will stop updating here from tomorrow. Friends in the channel have already made a lot of money by following my trading strategies. Friends who have not joined yet can join and receive the latest trading strategies and trading signals in the first time to protect your trading!
OANDA:XAUUSDShort
by Steffen_Schade
Buy gold first, and short on gold after filling the gapGold is currently continuing to retreat, and the lowest has reached around 3333. Gold is quite weak, and the bears have completely taken the upper hand. The overall center of gravity of gold is shifting downward, and the short-term support below is 3330-3325. Once gold falls below this support area, gold may continue to fall to 3300, or even 3280; since gold has fallen to the 3340-3330 area, we cannot rush to short gold in the operation, because there is a technical gap above that needs to be filled, so gold still has a rebound to 3360-3370 in the short term. Therefore, before gold falls below the short-term support of 3300-3325, we can appropriately consider going long on gold; after gold rebounds technically and fills the gap above, we can consider continuing to try to short gold in the 3360-3370 area.
OANDA:XAUUSDShort
by Steffen_Schade
Tend to short gold, it may still retrace to 3360-3350 areaAt present, gold as a whole is still fluctuating in the 3395-3365 area. In the short term, both long and short sides are not willing to break through. They may be waiting for the guidance of the Fed's interest rate decision and Powell's monetary policy press conference. However, from the current oscillation structure, because the high point of gold rebound and the low point of retracement are gradually moving downward, the center of gravity of the candlestick chart is shifting downward, and the weight of gold shorts is slightly higher. From the current structure, 3395-3405 has become a new round of pressure area. Gold has been unable to break through for a long time, and has tried to accelerate downward many times during the retracement process. Although it can stabilize above 3375-3365, it may be easier to break through below after several tests. Once the 3375-3365 area is broken, gold may even continue to move to the 3360-3350 area. Therefore, within the 3395-3365 oscillation range, we can temporarily maintain the trading rhythm of selling high and buying low in the short term, while we must pay attention to the breakthrough of gold. Once gold breaks through, the trend may be continued, and we need to follow the trend to execute transactions!
OANDA:XAUUSDShort
by Steffen_Schade