Gold has shown a step-by-step rise in the short term, and has stood above 3,400 many times, and the bullish force is relatively strong. However, correspondingly, after gold stood above 3400, it fell under pressure several times, so the shape was not particularly good, which increased the risk of pullback in the short term.
However, we do not need to worry. Gold is still running in an ascending wedge structure. Although it has been under pressure and fallen back several times during the attack on 3400, the bullish structure has not been effectively destroyed so far. Moreover, with the sharp increase in gold buying, the 3380-3370 area below has become an obvious intensive trading area, which has greatly limited the gold retracement space.
In addition, after gold broke through 3340, market sentiment tended to be optimistic. If gold experiences a short-term pullback, more funds will flow into the gold market, especially for those who have missed out on long trades before, who will rush into the gold market even more frantically. Under the resonance of the current technical structure and market optimism, gold still has the potential to hit 3400, and bulls are even expected to stand firm at 3400 and make further efforts.
So in terms of short-term trading, I still advocate that gold pullbacks are buying opportunities. And I cherish the opportunity to enter the market and go long in the 3385-3375 area, and am optimistic that gold will hit 3400 again, and may even continue the bull trend to the 3420-3430 area.
XAUUSD XAUUSD GOLD XAUUSD GOLD
However, we do not need to worry. Gold is still running in an ascending wedge structure. Although it has been under pressure and fallen back several times during the attack on 3400, the bullish structure has not been effectively destroyed so far. Moreover, with the sharp increase in gold buying, the 3380-3370 area below has become an obvious intensive trading area, which has greatly limited the gold retracement space.
In addition, after gold broke through 3340, market sentiment tended to be optimistic. If gold experiences a short-term pullback, more funds will flow into the gold market, especially for those who have missed out on long trades before, who will rush into the gold market even more frantically. Under the resonance of the current technical structure and market optimism, gold still has the potential to hit 3400, and bulls are even expected to stand firm at 3400 and make further efforts.
So in terms of short-term trading, I still advocate that gold pullbacks are buying opportunities. And I cherish the opportunity to enter the market and go long in the 3385-3375 area, and am optimistic that gold will hit 3400 again, and may even continue the bull trend to the 3420-3430 area.
XAUUSD XAUUSD GOLD XAUUSD GOLD Trade active
Bros, I am here to announce the good news again! Although we missed the opportunity to participate in the long trade this morning. But I still advocate and insist on waiting for gold to retreat before going long on gold. Just now, during the gold retreat, I went long on gold near 3385, and set TP: 3400. Although gold once retreated to 3380, fortunately, it rebounded after touching the support area and touched around 3401 again, hitting the TP perfectly. We've locked in nearly 160 pips of profit on this long trade, a truly impressive performance. Congratulations 🥂🥂🥂Trade closed: target reached
We have been long on gold in the 3385-3380 area many times, and each time we successfully hit the TP: 3400, we ended the trade. Our long position has achieved very impressive results. Have you followed my trading strategy to go long on gold?
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.