Today is Friday, and this week's market is drawing to a close. Gold plunged sharply on Monday, and then fluctuated and corrected from Tuesday to Thursday. Short-term bears are essentially dominating the market. Gold has repeatedly hit new highs before falling, suggesting bulls are digging a hole to bury their enemies. Our current strategy remains bearish, and we should continue to prioritize short positions. The reason is simple: the daily candlestick closed in a bearish pattern. A tombstone candlestick pattern is a bearish signal. Furthermore, all moving averages have been broken, clearly indicating bearish momentum. The only caveat is that 3330 hasn't been broken yet. A break of this level, the bottom of this week, would open up new downside potential.
Support lies at 3330 and 3320, resistance at 3349 and 3360, strong resistance at 3375, and the dividing line between strength and weakness at 3349.
Crude Oil Market Analysis
It's correct to maintain a bearish outlook on crude oil recently. Both the daily and 4H charts are bearish. Yesterday's rebound was a normal technical rebound, providing another opportunity for short positions. Today, we should continue to focus on the 64.50 level. The daily moving average has begun to decline and has already broken through. Barring any unexpected events, we'll soon see the 60.00 level.
Fundamental Analysis
Keep an eye on the US national debt. The current debt has reached a historical high and is expected to have a market impact in the coming weeks.
Gold: Buy short positions around 3348, target 3330-3320
Crude Oil: Buy short positions around 64.00, target 62.00-60.00
Support lies at 3330 and 3320, resistance at 3349 and 3360, strong resistance at 3375, and the dividing line between strength and weakness at 3349.
Crude Oil Market Analysis
It's correct to maintain a bearish outlook on crude oil recently. Both the daily and 4H charts are bearish. Yesterday's rebound was a normal technical rebound, providing another opportunity for short positions. Today, we should continue to focus on the 64.50 level. The daily moving average has begun to decline and has already broken through. Barring any unexpected events, we'll soon see the 60.00 level.
Fundamental Analysis
Keep an eye on the US national debt. The current debt has reached a historical high and is expected to have a market impact in the coming weeks.
Gold: Buy short positions around 3348, target 3330-3320
Crude Oil: Buy short positions around 64.00, target 62.00-60.00
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.
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.