Gold pulls back as expected, you can continue to sell
In my previous trading strategy, I reiterated my view that gold prices would continue to fall if they couldn't break through 3370 in the short term.
And indeed, gold's performance behaved as expected. After hitting 3370, it fell again, reaching a low of 3350.
Technically, the current correction in gold prices hasn't concluded. The Fibonacci retracement indicator for the 3408-3330 trend shows that 3370 is at 0.5, and 3360 is at 0.618, representing resistance. Meanwhile, the MACD indicator has formed a death cross.
Therefore, we do not need to make any changes to our trading strategy. As long as 3370 is not effectively broken, we can continue to short based on the resistance range.
Trade setup is as follows:
Sell near the 3360-3370 area
First target 3350
Second target 3340
Final target 3330
Stop loss at 3380
📣If you have different opinions, please leave a message below to discuss
And indeed, gold's performance behaved as expected. After hitting 3370, it fell again, reaching a low of 3350.
Technically, the current correction in gold prices hasn't concluded. The Fibonacci retracement indicator for the 3408-3330 trend shows that 3370 is at 0.5, and 3360 is at 0.618, representing resistance. Meanwhile, the MACD indicator has formed a death cross.
Therefore, we do not need to make any changes to our trading strategy. As long as 3370 is not effectively broken, we can continue to short based on the resistance range.
Trade setup is as follows:
Sell near the 3360-3370 area
First target 3350
Second target 3340
Final target 3330
Stop loss at 3380
📣If you have different opinions, please leave a message below to discuss
Trade active
Successfully reached the primary target 3350Trade closed: target reached
The just-released initial jobless claims data and PPI annual and monthly data are all bearish for gold. Gold prices are expected to fall further, so we will wait and see.Note
As expected, the gold price continued to fall and successfully reached the target of 3340Note
The final target 3330 has also been successfully reached, cool
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🔥🔥🔥Welcome to join
Get free daily high-quality trading signals
Free Gold Signal Channels📲:t.me/Quality_Gold_Signal
Get free daily high-quality trading signals
Free Gold Signal Channels📲:t.me/Quality_Gold_Signal
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.