Yesterday, gold hit a low of around 3351 and then began to rebound. During the rebound, it hit a high of around 3377 and then retreated again. We can clearly see that below 3400, gold is still weak overall, and even failed to reach 3380 during the rebound. In the short term, the 3380-3390 area has become an obvious resistance area.
Yesterday, gold rebounded after dropping to around 3351. Whether the support near 3350 is effective has not been verified again, so from a technical perspective, gold still has the need to retreat again and test the support near 3350. Once gold falls below the area when testing the support near 3350, gold may continue to fall to the 3335-3325 area.
Therefore, in today's trading, the focus is still on shorting gold, supplemented by trying to go long on gold with the support.
1. Consider shorting gold in the 3380-3390 area, TP: 3365-3355;
2. Consider going long gold in the 3355-3345 area, TP: 3365-3375; strictly set SL
3. If the 3355-3345 area is broken, try to go long gold again in 3335-3325, TP: 3360-3370
Yesterday, gold rebounded after dropping to around 3351. Whether the support near 3350 is effective has not been verified again, so from a technical perspective, gold still has the need to retreat again and test the support near 3350. Once gold falls below the area when testing the support near 3350, gold may continue to fall to the 3335-3325 area.
Therefore, in today's trading, the focus is still on shorting gold, supplemented by trying to go long on gold with the support.
1. Consider shorting gold in the 3380-3390 area, TP: 3365-3355;
2. Consider going long gold in the 3355-3345 area, TP: 3365-3375; strictly set SL
3. If the 3355-3345 area is broken, try to go long gold again in 3335-3325, TP: 3360-3370
Trade active
Today I mentioned three key words:1. I tried to go long on gold with yesterday's low as support;
2. SL must be set in long trades;
3. Once gold falls below the key support, it may continue to fall to the 3335-3325 area.
So my trading today is very simple:
First, we go long on gold near 3352, set TP:3372, SL:3346. Unfortunately, gold did not rebound as expected, but hit SL:3346 during the retracement. Because once gold falls below 3346, I am optimistic that gold will continue to retreat to the 3335-3325 area. So I decisively went short on gold near 3348, and set TP:3336. Currently, gold is fluctuating in a narrow range near 3340, and it may not reach 3336 in a short time due to the support of buying orders below, so I just chose to manually close the position near 3340, first to recover the losses in the morning, and second to avoid profit spitting caused by gold rebound.
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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.