Gold prices have fallen under pressure near $3,380 several times, and this area gathers three technical resistances:
1. The daily Bollinger band middle track 3,375 and the upper track 3,450 form a suppression.
2. The previous high of $3,400 plus the Fibonacci 38.2% retracement level constitutes a concentrated selling pressure area.
3. The previous high of $3,451 failed to break through effectively, forming a bearish structure with the second highest point moving down.
Risk of breaking the shock range: Gold continues to trade sideways in the 3,300-3,450 range, but the K-line continues to close in a small real body alternating yin and yang pattern, indicating that the long and short momentum is exhausted. If it falls below 3,350 [the lower edge of the 20-day moving average box], a technical sell-off will be triggered, with the target pointing to 3,300-3,330!
SELL: 3,388\3,393 Stop loss: 3,398
Target: 3,360
Profit point: 30
1. The daily Bollinger band middle track 3,375 and the upper track 3,450 form a suppression.
2. The previous high of $3,400 plus the Fibonacci 38.2% retracement level constitutes a concentrated selling pressure area.
3. The previous high of $3,451 failed to break through effectively, forming a bearish structure with the second highest point moving down.
Risk of breaking the shock range: Gold continues to trade sideways in the 3,300-3,450 range, but the K-line continues to close in a small real body alternating yin and yang pattern, indicating that the long and short momentum is exhausted. If it falls below 3,350 [the lower edge of the 20-day moving average box], a technical sell-off will be triggered, with the target pointing to 3,300-3,330!
SELL: 3,388\3,393 Stop loss: 3,398
Target: 3,360
Profit point: 30
Trade active
Trade closed: target reached
In the world of traders, only screening is done, not education. What can convince a person is never reason, but a wall. What can wake a person up is never preaching, but suffering. Trading is a long practice, and each of us pays for our own cognition. Smart people give enough time to get close to the pulse of the K-line, improve their cognition, and understand the changes in the K-line. Time cannot turn back, there is no if in trading, and attacking is a battle. Strict risk control is the best selfNote
Hold a short position at 90 and currently make a profit of 10 pointsNote
The trend coincides with the prediction
Senior Financial Analyst Main expertise: Analysis of financial products such as gold, US dollar, digital currency, etc. Telegram link: t.me/+43sO_tENBOswYWMx
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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.
Senior Financial Analyst Main expertise: Analysis of financial products such as gold, US dollar, digital currency, etc. Telegram link: t.me/+43sO_tENBOswYWMx
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.