Gold fell immediately after the Asian market opened on Monday, dropping 64 points. After a minor mid-term pullback, it continued its decline, hitting a low near 3329 before stabilizing. It rebounded slightly on Friday, fluctuating slightly before weakening near the close. Meanwhile, it is under pressure below its short- and medium-term moving averages, a pattern that signals a continued decline.
At present, although the price remains in a large range of fluctuations, it is still expected to continue to decline in search of support, and the primary support below is maintained at 3300. This position is also the key point for a band-like rebound in the later period, and it is also the position that may be touched next week. The upper pressure continues to remain around 3350, which is also the previous top and bottom conversion position. If the market is still in a bearish trend next week, the rebound will most likely not break through this position.
On the whole, if gold rebounds first in the early Asian session next week, the main strategy is to short it when it touches around 3345, with the profit range around 3330-3320; if the European session continues to be weak, then the US session will continue to rebound and short it.
A happy weekend has begun. I wish you all a happy weekend.
At present, although the price remains in a large range of fluctuations, it is still expected to continue to decline in search of support, and the primary support below is maintained at 3300. This position is also the key point for a band-like rebound in the later period, and it is also the position that may be touched next week. The upper pressure continues to remain around 3350, which is also the previous top and bottom conversion position. If the market is still in a bearish trend next week, the rebound will most likely not break through this position.
On the whole, if gold rebounds first in the early Asian session next week, the main strategy is to short it when it touches around 3345, with the profit range around 3330-3320; if the European session continues to be weak, then the US session will continue to rebound and short it.
A happy weekend has begun. I wish you all a happy weekend.
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With accurate market analysis and precise trading signals, I will lead my team to achieve geometrically multiplied profits in the gold market.
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.