In the previous article, I said that if the gold price cannot hold above 3370 in the short term, then the gold price will continue to fall.
Today's rebound in the Asian and European sessions shows mixed gains and losses on the K-line chart, indicating a weak rebound. After rebounding to 3367, gold prices turned downward again.
Meanwhile, the 1-hour MACD indicator also shows signs of forming a death cross. The Fibonacci retracement indicator from 3408 to 3330 indicates that the 0.618 level is at 3360, and the 0.5 level is at 3370. Therefore, the 3360-3370 range is currently a resistance zone.
Therefore, I still maintain my previous view that as long as it cannot hold 3370, you can short in the resistance area.
Today's rebound in the Asian and European sessions shows mixed gains and losses on the K-line chart, indicating a weak rebound. After rebounding to 3367, gold prices turned downward again.
Meanwhile, the 1-hour MACD indicator also shows signs of forming a death cross. The Fibonacci retracement indicator from 3408 to 3330 indicates that the 0.618 level is at 3360, and the 0.5 level is at 3370. Therefore, the 3360-3370 range is currently a resistance zone.
Therefore, I still maintain my previous view that as long as it cannot hold 3370, you can short in the resistance area.
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Gold prices hit resistance and fell back as expected.
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🔥🔥🔥Welcome to join
Get free daily high-quality trading signals
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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.