Obviously, gold did not give us the opportunity to short gold near 3440 today. In the process of its recent pullback, gold tested 3400 as expected, and after falling below 3400, it continued to fall to around 3385 as if it was planned by me. Although the lowest point had reached around 3381, it quickly rebounded above 3385. What is relatively regrettable today is that both of our plans to short gold ended in failure. The first time was when gold did not give us the opportunity to short near 3440. The second time was when we were preparing to short gold at 3400 and set the TP to 3385. However, we did not have time to create an order because the price fell too quickly, causing us to miss the gold short trade again.
At present, I have a trading order to go long on gold near 3386. And I go long on gold with twice the usual trading volume. Why am I still optimistic about the rebound of gold in the short term after the gold price fell by nearly $60? Because the area around 3385 is the short-term bull-bear dividing line, although gold has fallen sharply, as long as it stays above the area around 3385, gold is still in a bullish trend as a whole, and the bullish structure has not been destroyed, so in the short term, gold still has a lot of room for rebound after the pullback. This is why I dare to use twice the usual trading volume to buy gold near 3386.
However, because the current gold long and short continuity is not strong, and the market uncertainty is still increasing due to complex news, the gold market is prone to violent fluctuations in the short term, so we have to be more careful in trading. At present, I still hold a gold long position near 3386, and I hope that gold can continue to rebound to the target area: 3400-3410.
At present, I have a trading order to go long on gold near 3386. And I go long on gold with twice the usual trading volume. Why am I still optimistic about the rebound of gold in the short term after the gold price fell by nearly $60? Because the area around 3385 is the short-term bull-bear dividing line, although gold has fallen sharply, as long as it stays above the area around 3385, gold is still in a bullish trend as a whole, and the bullish structure has not been destroyed, so in the short term, gold still has a lot of room for rebound after the pullback. This is why I dare to use twice the usual trading volume to buy gold near 3386.
However, because the current gold long and short continuity is not strong, and the market uncertainty is still increasing due to complex news, the gold market is prone to violent fluctuations in the short term, so we have to be more careful in trading. At present, I still hold a gold long position near 3386, and I hope that gold can continue to rebound to the target area: 3400-3410.
Trade active
Gold closed at around 3388 overnight, above 3385. It still maintains a long structure, and gold must have room to rebound in the short term. And after the sharp drop in gold yesterday, there is also a need for technical repair of the sharp drop. This will also support gold's upward rebound in the short term.I have made it clear in the above trading ideas that I bought gold at 3386 with twice the usual trading volume. I think it is not difficult for gold to rebound to the 3400-3410 area, and it may even continue to rebound to 3420. So 3395 is definitely not the high point of the rebound. Gold still has room to rebound. We don’t have to worry about the long positions on hand for the time being.
Are you long gold like me? Do you have the courage to go long gold with me?
Trade closed: target reached
Bros, the gold bulls suddenly braked and continued to retreat downward. Yesterday, we bought gold using double positions based on the support near 3385. We thought it would not be difficult for gold to rebound to 3400-3410 area. I don’t think the expectation for this rebound is very high. But the big disappointment was that the rebound of gold was far less than expected. It only rebounded to around 3395 and then fell again. So gold did not hit the TP: 3405 we set during the rebound, and did not even touch 3400. So our long position ended in failure.Because we used 2 times the usual trading volume in this long transaction. So I have to control trading risks more strictly in trading. So when gold hit 3375 this morning and rebounded, I chose to close the position manually at 3380, closing the long position at the cost of a loss of 50pips. However, after closing the position, we immediately shorted gold again near 3380,
In order to avoid the same situation as yesterday, which caused us to give back our profits or even suffer losses, I just notified all VIP members to close their positions manually near 3366 and stop waiting for TP. Yesterday, I did not close my positions in time to lock in profits because I was waiting for TP. I think I will not make this mistake today. Locking in profits in time is more important than anything else!
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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.
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.