Gold bulls' dreams of reaching 3400 have been shattered.
—Yesterday's $64 plunge marked another market sell-off!
[Market Review: Bulls Take a Bloodbath]
On Monday (August 12th), spot gold plummeted from 3405 to 3341, a single-day drop of $64. A single bearish candlestick wiped out all of last week's gains! Last week's volatile bull market, with Friday's close near 3400, looked like the bulls were about to take off. However, Monday's losses were a brutal blow to those chasing the bulls.
[Technical Analysis: Bears Dominate, but Beware of Oversold Rebounds]
Daily Chart
The price broke below the 3380 support level, turning bearish in the short term. The MACD golden cross formed with shrinking volume, and the STO fell rapidly, indicating weakness.
Key support: 3330 (non-farm payrolls breakout point), 3315, and 3300. A break below this level could lead to a decline to 3270-3245.
Key resistance levels: 3360-62 (strength-weakness dividing line), 3380 (strong resistance), 3400-10 (ultimate defense).
4-Hour & Hourly Charts
Severely oversold, a short-term rebound is possible, but a rebound is a short-selling opportunity!
Short-term range: 3340-3365; a breakout would target resistance at 3375-80.
[Core View: Medium-term bearish, rebounds are short-selling!]
Bullish illusions shattered: Last week's breakout above 3400 was a false alarm. Under the monthly chart structure, the upward trend was merely an inducement to sell!
Geopolitical & Fed bullish news: The marginal impact of the Russia-Ukraine conflict has diminished, and a Fed rate cut is already priced in. A real rate cut could spell doom for bulls!
Ultimate target: 3245 → 3150 → 3000-2950 (reversal of the tariff hike starting point).
[Today's Strategy: Focus on long positions, short-term rebound attempts]
Short on rebound:
Light short positions at 3360-62, stop-loss at 3365, target 3350-3340.
Add short positions at 3372-75, stop-loss at 3382, target 3360-3350-3330 (hold on breakout).
Short-term long:
Short long positions at 3340-30, stop-loss at 3327, target 3355-3365 (quick in, quick out).
⚠️ Warning: Do not blindly buy the dip! Follow the trend!
[Conclusion: The Game of Gold]
Last week's slow rise lured investors into buying, followed by a sharp drop on Monday—this is the cruelty of a volatile market! Just when you think it's breaking out, it plummets; just when you think it's crashing, it suddenly pulls back. Current strategy: Short on rebounds combined with short long positions at key levels, until a unilateral breakout occurs!
—Yesterday's $64 plunge marked another market sell-off!
[Market Review: Bulls Take a Bloodbath]
On Monday (August 12th), spot gold plummeted from 3405 to 3341, a single-day drop of $64. A single bearish candlestick wiped out all of last week's gains! Last week's volatile bull market, with Friday's close near 3400, looked like the bulls were about to take off. However, Monday's losses were a brutal blow to those chasing the bulls.
[Technical Analysis: Bears Dominate, but Beware of Oversold Rebounds]
Daily Chart
The price broke below the 3380 support level, turning bearish in the short term. The MACD golden cross formed with shrinking volume, and the STO fell rapidly, indicating weakness.
Key support: 3330 (non-farm payrolls breakout point), 3315, and 3300. A break below this level could lead to a decline to 3270-3245.
Key resistance levels: 3360-62 (strength-weakness dividing line), 3380 (strong resistance), 3400-10 (ultimate defense).
4-Hour & Hourly Charts
Severely oversold, a short-term rebound is possible, but a rebound is a short-selling opportunity!
Short-term range: 3340-3365; a breakout would target resistance at 3375-80.
[Core View: Medium-term bearish, rebounds are short-selling!]
Bullish illusions shattered: Last week's breakout above 3400 was a false alarm. Under the monthly chart structure, the upward trend was merely an inducement to sell!
Geopolitical & Fed bullish news: The marginal impact of the Russia-Ukraine conflict has diminished, and a Fed rate cut is already priced in. A real rate cut could spell doom for bulls!
Ultimate target: 3245 → 3150 → 3000-2950 (reversal of the tariff hike starting point).
[Today's Strategy: Focus on long positions, short-term rebound attempts]
Short on rebound:
Light short positions at 3360-62, stop-loss at 3365, target 3350-3340.
Add short positions at 3372-75, stop-loss at 3382, target 3360-3350-3330 (hold on breakout).
Short-term long:
Short long positions at 3340-30, stop-loss at 3327, target 3355-3365 (quick in, quick out).
⚠️ Warning: Do not blindly buy the dip! Follow the trend!
[Conclusion: The Game of Gold]
Last week's slow rise lured investors into buying, followed by a sharp drop on Monday—this is the cruelty of a volatile market! Just when you think it's breaking out, it plummets; just when you think it's crashing, it suddenly pulls back. Current strategy: Short on rebounds combined with short long positions at key levels, until a unilateral breakout occurs!
Free signals!：t.me/+BrA6m-vhXtg1MzU0
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.
Free signals!：t.me/+BrA6m-vhXtg1MzU0
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.