Even under the influence of the ADP data, which is bullish for the gold market, gold has not effectively broken through 3350, and even showed signs of falling back after rising several times. The resistance above is becoming more and more obvious, which may further weaken the market's bullish sentiment and confidence, thereby strengthening the dominance of the bears.
Although gold has not effectively fallen yet, from the perspective of the gold structure, even if gold wants to rise, it still needs to be backtested and support confirmed before rising, and the current retracement is far from enough, so gold still has a need for structural retracement; and before the NFP market, gold rose slowly but was far from enough to break upward, and there was no volume support, so the illusion of gold rising may be to lure and capture more bulls;
Therefore, out of caution, I try to avoid chasing gold at high levels; and I believe that shorting gold is still the first choice for short-term trading at present. And I have executed short trades in the 3340-3350 area according to the trading plan, and held it patiently. I hope that gold can retreat to the 3320-3310-3300 area as expected.
Although gold has not effectively fallen yet, from the perspective of the gold structure, even if gold wants to rise, it still needs to be backtested and support confirmed before rising, and the current retracement is far from enough, so gold still has a need for structural retracement; and before the NFP market, gold rose slowly but was far from enough to break upward, and there was no volume support, so the illusion of gold rising may be to lure and capture more bulls;
Therefore, out of caution, I try to avoid chasing gold at high levels; and I believe that shorting gold is still the first choice for short-term trading at present. And I have executed short trades in the 3340-3350 area according to the trading plan, and held it patiently. I hope that gold can retreat to the 3320-3310-3300 area as expected.
Trade active
Gold has not been able to effectively break through 3350, so in the short term, gold may have peaked in the 3350-3360 area. Then, after gold has consumed the bullish energy to a certain extent, gold may resume its downward trend and test the 3310-3300 area again. This is why I insist on shorting gold in the short term. Of course, I am more patient to wait for gold to fall. Do you also insist that gold will fall like me?Trade closed: stop reached
Bros, unfortunately, our gold short position has just hit SL: 3357. We shorted gold near 3345 as planned today, and set TP: 3325. Because the ADP data is bullish for gold, the short-term rebound of gold has increased, so I appropriately lowered the expectation of retracement space during the transaction, and notified all VIP members that they can manually close short positions near 3330 in order to lock in profits in time. However, gold did not even give the opportunity to touch near 3330. During the retracement process, it only touched near 3334 and then rebounded again, which made us miss the opportunity to lock in profits. Gold just hit SL: 3357. Unfortunately, our short trade ended with hitting SL.
Detailed strategies, accurate signals, considerable profits, Telegram group：t.me/Steffen_S68
Learn detailed trading strategies and get accurate trading signals, Telegram group: t.me/Steffen_S68
Learn detailed trading strategies and get accurate trading signals, Telegram group: t.me/Steffen_S68
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Detailed strategies, accurate signals, considerable profits, Telegram group：t.me/Steffen_S68
Learn detailed trading strategies and get accurate trading signals, Telegram group: t.me/Steffen_S68
Learn detailed trading strategies and get accurate trading signals, Telegram group: t.me/Steffen_S68
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.