On Friday, gold prices soared due to Powell's dovish remarks, reaching a high of around 3379, and the candle chart showed signs of a V-shaped reversal. From a technical perspective, gold still has the potential to continue to rise, and as of now, gold has not effectively fallen below 3360. While effectively curbing the downward space, it also shows that a certain amount of buying momentum is still continuing.
However, gold has not yet effectively broken through the 3380-3390 area, and the upper space has not been completely opened. If gold cannot break through this area, the bullish momentum may gradually weaken in the short term. In order to accumulate enough momentum to break through this area, gold may usher in a pullback in the short term.
First, we should focus on the 3355-3345 area below. As long as gold remains above this area, the overall bullish pattern will remain. Therefore, this area is the entry area where we should try to go long on gold for the first time after gold pulls back.
Therefore, we currently have two trading options:
1. When gold first hits the 3380-3390 area, consider shorting gold.
2. When gold first hits the 3355-3345 area, consider longing gold.
However, gold has not yet effectively broken through the 3380-3390 area, and the upper space has not been completely opened. If gold cannot break through this area, the bullish momentum may gradually weaken in the short term. In order to accumulate enough momentum to break through this area, gold may usher in a pullback in the short term.
First, we should focus on the 3355-3345 area below. As long as gold remains above this area, the overall bullish pattern will remain. Therefore, this area is the entry area where we should try to go long on gold for the first time after gold pulls back.
Therefore, we currently have two trading options:
1. When gold first hits the 3380-3390 area, consider shorting gold.
2. When gold first hits the 3355-3345 area, consider longing gold.
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Bros, during the fluctuation process, gold hit a low of around 3350 and a high of around 3386. If you followed my trading strategy mentioned above, I believe you would have made satisfactory profits in both long and short transactions. Did you follow my long and short trading strategy above?
Rigorous trading, scientific investment, and compound profits! Get free trading strategies in the Telegram group: t.me/Steffen_S68
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.
Rigorous trading, scientific investment, and compound profits! Get free trading strategies in the Telegram group: t.me/Steffen_S68
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.