Fundamentals:
Focus on US economic data and Fed dynamics;
Technical aspects:
After gold fell below the recent low support area of 3260, the bearish trend became more obvious. Although gold has stopped falling near 3220, there is no obvious sign of bottoming out. From the current structure, gold still has room to fall, and the area near 3180 can be foreseen in the short term. However, after a sharp drop in gold, there may still be repetitions in the short term, so it is not advisable to over-short gold for the time being. Gold still has the possibility of a short-term rebound to the 3245-3255 area.
Trading strategy:
1. Consider waiting for gold to rebound to the 3245-3255 area before shorting gold; TP: 3235-3225;
2. Consider trying to go long on gold in small batches in the 2330-2320 area, TP: 3245-3255, and then short gold after reaching the target area.
Focus on US economic data and Fed dynamics;
Technical aspects:
After gold fell below the recent low support area of 3260, the bearish trend became more obvious. Although gold has stopped falling near 3220, there is no obvious sign of bottoming out. From the current structure, gold still has room to fall, and the area near 3180 can be foreseen in the short term. However, after a sharp drop in gold, there may still be repetitions in the short term, so it is not advisable to over-short gold for the time being. Gold still has the possibility of a short-term rebound to the 3245-3255 area.
Trading strategy:
1. Consider waiting for gold to rebound to the 3245-3255 area before shorting gold; TP: 3235-3225;
2. Consider trying to go long on gold in small batches in the 2330-2320 area, TP: 3245-3255, and then short gold after reaching the target area.
Trade active
I have already bought gold near 3219 according to the trading plan. Because gold is currently in a weak position, we must lower the rebound target, first lowering the rebound target to 3230-3235 area. Do you have the courage to buy gold like me?Trade closed: stop reached
My long position near 3219 ended the transaction by hitting SL again, but we still made money. Gold rebounded twice to around 3227, but the rebound was a little weak, so I moved SL to 3223 to ensure that I would not lose money in this transaction. Unexpectedly, gold did not break upward and turned to fall, which was unexpected but also reasonable. In the end, our long position ended the transaction by hitting SL: 3223, with a slight profit of 40pips.
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.
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.