Yesterday, I remained firmly committed to shorting gold from start to finish, and as anticipated, gold retraced to my two target zones: 2930-2925 and 2920-2910.
Today, gold has pulled back to around 2916, breaking Wednesday’s low, which has, to some extent, opened up downside potential and strengthened expectations for further downside acceleration toward the 2900-2880 region. Additionally, from a short-term technical perspective, a head and shoulders pattern has formed, further supporting the likelihood of a sharper decline. Therefore, in today’s trading, I continue to favor short positions in gold.
As gold’s price action shifts lower, overhead resistance levels are also adjusting downward. This calls for a more conservative expectation of gold’s rebound potential. For short-term trading, we can consider scaling into short positions in the 2930-2940 zone.
Bros, are you optimistic about the continued decline of gold? If you want to learn more detailed trading ideas and get more trading signals, you can choose to join the channel at the bottom of the article to make trading no longer difficult and make making money a pleasure!
Today, gold has pulled back to around 2916, breaking Wednesday’s low, which has, to some extent, opened up downside potential and strengthened expectations for further downside acceleration toward the 2900-2880 region. Additionally, from a short-term technical perspective, a head and shoulders pattern has formed, further supporting the likelihood of a sharper decline. Therefore, in today’s trading, I continue to favor short positions in gold.
As gold’s price action shifts lower, overhead resistance levels are also adjusting downward. This calls for a more conservative expectation of gold’s rebound potential. For short-term trading, we can consider scaling into short positions in the 2930-2940 zone.
Bros, are you optimistic about the continued decline of gold? If you want to learn more detailed trading ideas and get more trading signals, you can choose to join the channel at the bottom of the article to make trading no longer difficult and make making money a pleasure!
Trade active
Bros, gold is retracing as scheduled. According to the current structure, gold still has room to continue falling. Let us wait patiently for profits to expand.If you want to learn more detailed trading ideas and get more trading signals, you can choose to join the channel at the bottom of the article to make trading no longer difficult and make making money a pleasure!
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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.