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.
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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.
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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.
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!
XAUUSD SHORT IDEAHello there all,
Here's the XAU USD forecast.
Please do let me know if you are seeing what I'm seeing or have a different perspective on it, I would love to see your analysis.
Please do drop the chart link below on comment section, I would love to see it
LETS GOO!!
This is not financial advice. 🙂
Thanks all