Gold has currently hit a low of around 3347, and rebounded after slightly breaking through 3350. It has now rebounded to around 3370. Will gold continue to rebound and hit 3400 again?
I think it is unlikely that gold will continue to rebound and hit 3400 in the short term. From a fundamental perspective, many of the news leaked out about the situation in the Middle East are untrue, and the conflict has not escalated further, so gold has not reacted much to this; and as market expectations for interest rate cuts decrease, the impact of news supporting gold's upward trend is gradually weakening;
From the current structure, since gold fell below 3370, bears have completely taken the upper hand. Although gold has rebounded from around 3347, it is only a short-term technical repair and oversold rebound from a structural perspective, and it cannot be said that it is a restart of bulls. So I think gold still has the risk of a second decline after the rebound, and once gold falls again, it may trigger a large number of profit-taking orders and a large number of short-sellers to enter the market.
As the center of gravity of gold shifts downward, the short-term resistance area moves down to 3380-3390; the current support area below is near 3350, followed by 3335. So for short-term trading, I still prefer gold short trading, and we can continue to short gold with this short-term resistance area.
I think it is unlikely that gold will continue to rebound and hit 3400 in the short term. From a fundamental perspective, many of the news leaked out about the situation in the Middle East are untrue, and the conflict has not escalated further, so gold has not reacted much to this; and as market expectations for interest rate cuts decrease, the impact of news supporting gold's upward trend is gradually weakening;
From the current structure, since gold fell below 3370, bears have completely taken the upper hand. Although gold has rebounded from around 3347, it is only a short-term technical repair and oversold rebound from a structural perspective, and it cannot be said that it is a restart of bulls. So I think gold still has the risk of a second decline after the rebound, and once gold falls again, it may trigger a large number of profit-taking orders and a large number of short-sellers to enter the market.
As the center of gravity of gold shifts downward, the short-term resistance area moves down to 3380-3390; the current support area below is near 3350, followed by 3335. So for short-term trading, I still prefer gold short trading, and we can continue to short gold with this short-term resistance area.
Trade active
Gold reached a high of 3379 during the rebound, and was under pressure in the 3380-3390 area. I have shorted gold as planned. Although gold has not fallen effectively yet, the upward momentum has slowed down. This is good news for us short-term bears. I hope gold can retreat to the 3365-3355 area.How many friends have already shorted gold like me? What is your entry price?Trade closed: target reached
Because the gold market will be closed early today due to Juneteenth, I think we should be satisfied with making a profit of more than 100 pips, and some buyers may be waiting for buying opportunities in the 3360-3355 area, so in order to lock in profits in time, I have manually closed orders near 3362! Friends in the channel have made a lot of money recently by following my trading strategies. Are you still anxious about the ever-changing market? Come join me!
The Premium privileges of this account will expire on June 26th, and this account will stop updating trading strategies; the latest strategies and signals will continue to be shared in the 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.
The Premium privileges of this account will expire on June 26th, and this account will stop updating trading strategies; the latest strategies and signals will continue to be shared in the 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.