The bulls have been defeated all the way, and the current lowest has fallen to around 3350. However, after gold touched around 3350, the downward momentum has slowed down. I think it is not appropriate to be overly bearish on gold in the short term.
It can be clearly seen during the day that gold started to fall from around 3401, and the decline reached $51 around 3350. In the absence of any major negative news, I believe that the intraday retracement space has reached its upper limit, and the structural support line for gold bulls happens to be in the 3350-3340 area, so the room for gold to continue to retrace will not be too large.
Moreover, gold has recently fallen under pressure several times after standing above 3340, proving that the upper resistance still exists. In addition, there is a certain amount of selling, which has hindered the bullish momentum to a certain extent, resulting in the lack of momentum for gold bulls. After the current pullback and technical repair, due to the increase in gold liquidity and accumulation of strength, it may be more conducive for gold to hit 3400 again or even higher targets.
Therefore, in the short term, I think it is not advisable to chase gold too much; instead, we can accumulate enough cheap chips during the gold pullback, and then wait patiently for gold to rebound and hit 3380-3390 again.
It can be clearly seen during the day that gold started to fall from around 3401, and the decline reached $51 around 3350. In the absence of any major negative news, I believe that the intraday retracement space has reached its upper limit, and the structural support line for gold bulls happens to be in the 3350-3340 area, so the room for gold to continue to retrace will not be too large.
Moreover, gold has recently fallen under pressure several times after standing above 3340, proving that the upper resistance still exists. In addition, there is a certain amount of selling, which has hindered the bullish momentum to a certain extent, resulting in the lack of momentum for gold bulls. After the current pullback and technical repair, due to the increase in gold liquidity and accumulation of strength, it may be more conducive for gold to hit 3400 again or even higher targets.
Therefore, in the short term, I think it is not advisable to chase gold too much; instead, we can accumulate enough cheap chips during the gold pullback, and then wait patiently for gold to rebound and hit 3380-3390 again.
Trade active
I have executed the gold long trade in batches as planned. Gold has retreated many times but has not fallen below 3340, which proves that the gold structural support is still valid and the bullish structure has not been completely destroyed. Gold still has the potential to rebound again. We just need to wait patiently for gold to rebound.Trade closed: target reached
Guys, I think everyone knows this. I have been sticking to being long on gold lately. I have been accumulating cheap chips as the price of gold fell to around 3331. Although the price of gold has rebounded in the past two days, the increase was relatively small. Fortunately, we persisted. The gold price has rebounded to around 3374, and all our long positions were closed above 3370. We barely slept for several nights in a row, and now we are finally making money! I feel like all the efforts of these days have not been in vain. To friends who followed my trading strategy! Our efforts were richly rewarded. In the long trading in recent days, we successfully made a profit of 710pips!
Rigorous trading, scientific investment, and compound profits! Get free trading strategies in the Telegram group: t.me/Steffen_S68
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Rigorous trading, scientific investment, and compound profits! Get free trading strategies 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.