Gold may rise and then fall!When the market was falling, we placed a long position at 2980 and took profit at 3000; when it fell for the second time, we continued to buy at 2980 and took profit at 3040; when it rebounded and touched 3054, we went short, reduced our position at 3032, and took profit at 3021. The current market fluctuates greatly, and the profit made around the two positions of 2980 and 3054 is already very considerable.
There are many points worth interpreting in the intraday market, let's review and replay:
Today, the market bottomed out and rebounded, and the market fell sharply at the opening. Did you chase the short position? The 2980 first-line support was tested many times without breaking, which was a move to lure shorts, waiting for you to get trapped.
What was the result? Did it rebound at the 2980 first-line support? From the low of 2972 to the high of 3054, the hourly single-yang rebound reached 82 US dollars, which did not give you a chance to escape.
The position of 3054 is in line with the regional pressure of 3050-3060 mentioned at the weekend. It is a top-bottom conversion position. The low point of last Thursday broke the support and turned into pressure on Friday. If it is touched today, it must be shorted no matter what.
Of course, there is also a false move here at 3054. The first time it touched the pressure and fell to 3036, and then it attacked again to test 3054 again. Did you chase it? It was finished as soon as you chased it. Then it fell to 3017, and the drop of 37 US dollars directly swept away your long.
So, if you say whether technical analysis is useful or not, it must be useful. Of course, there are times when it fails. For example, in the market that fell straight throughout the whole process like last Thursday and Friday, any analysis is meaningless, but this is a minority after all. The technical reliability of returning to normal trend is still trustworthy.
So how should gold be viewed in the evening?
Today is the third day of continuous decline. From a technical point of view, such a continuous and large decline usually lasts for about 3 days, and no more than 4 days at most, and it will turn positive and correct, so the decline of gold today has slowed down significantly.
The intraday rebound was under pressure at 3054 and it was trading sideways. The European session was volatile and was accumulating momentum. Be careful of a high rise and fall in the evening. Focus on the break of the 3054 first-line pressure. If it breaks above, we will see further pressure at 3073. If it falls below the intraday low of 3013 in the evening, then we will see a second test of the lows of 2980-2972. Pay attention to whether a double bottom support structure can be formed here.
