Gold is currently fluctuating in a narrow range of 3380-3385, and the trend is relatively slow. We also need more patience. In comparison, I think the current short-selling force has a slight upper hand, because gold has shown signs of accelerating decline after a difficult rebound many times, and has fallen below 3380 many times. According to the current gold structure, gold does not have sufficient room for decline, and it is still possible to continue to fall to the 3365-3355 area.
It is expected that gold will not fluctuate too much before the Fed's interest rate decision and Powell's monetary policy press conference. For this interest rate decision, I think the possibility of a rate cut is not great, and the current interest rate may still remain unchanged. The reduction in the expectation of a rate cut may stimulate a wave of gold declines in the short term. So in the short term, I still prefer a short trade in gold. Obviously, gold is currently under pressure in the 3395-3405 area, so we can still try to short gold in this area.
It is expected that gold will not fluctuate too much before the Fed's interest rate decision and Powell's monetary policy press conference. For this interest rate decision, I think the possibility of a rate cut is not great, and the current interest rate may still remain unchanged. The reduction in the expectation of a rate cut may stimulate a wave of gold declines in the short term. So in the short term, I still prefer a short trade in gold. Obviously, gold is currently under pressure in the 3395-3405 area, so we can still try to short gold in this area.
Trade active
Gold is currently rebounding again and touching the resistance area of 3395-3405 that I expected. We can still consider continuing to short gold in this area and set TP: 3385-3375, hoping that gold will fall back as expected, allowing us to make at least 100-150 pips in this transaction.Trade closed: target reached
Bros, today I clearly indicated in the trading strategy that I prefer to short gold, and I can short gold with the short-term resistance in the 3395-3405 area. Just now, all VIP members and I successfully caught the rebound high point again, shorted gold near 3397, and set TP: 3382. Obviously, we successfully hit TP again and made a profit of nearly 150pips again.We have completed 6 transactions today, and all 6 transactions were closed by hitting TP. Each transaction made a profit of 120-180pips. Today is definitely our lucky day! Congratulations to all!
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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.