As gold continues to rebound, bulls are reversing their decline. After gold broke through the 3370-3380 area, the current market consensus on 3350-3340 as the bottom area was strengthened. However, as gold fell back under pressure several times after the rebound, it proved that there was still a certain amount of selling pressure above, and it was obvious that the resistance was in the 3395-3405 area; once gold broke through this resistance area, gold bulls would regain the upper hand and are expected to continue to probe the 3320-3330 area. However, before gold effectively broke through the 3395-3405 area, bulls and bears would still fiercely compete for control, so it is still in a wide range of fluctuations.
Therefore, before gold broke through the 3395-3405 area, we can still appropriately short gold in the 3385-3395 area, and expect gold to retreat to the 3375-3365 area in the short term. In trading, we must pay attention to the changes in the rhythm of gold. Once gold chooses a direction and makes a breakthrough, we need to change our trading strategy!
Therefore, before gold broke through the 3395-3405 area, we can still appropriately short gold in the 3385-3395 area, and expect gold to retreat to the 3375-3365 area in the short term. In trading, we must pay attention to the changes in the rhythm of gold. Once gold chooses a direction and makes a breakthrough, we need to change our trading strategy!
Trade active
Although gold has not fallen effectively, it has fallen under pressure many times. Whether for the purpose of increasing liquidity or accumulating bullish energy, gold still needs to retreat to the 3375-3365 area again. We can safely and boldly hold the current short position and wait for profits to expand!Trade closed: target reached
Gold fell again to the target area of 3375-3365, and our short position once again made a lot of profit. Did you follow me to short gold? Friends in the channel have maintained a good record of more than 20 consecutive wins by following my trading strategy and made a lot of money! Join us now!
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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.