From the trend point of view. Comparing the long and short positions, the long position is still slightly stronger. At present, the gold price fluctuates in a narrow range around 2905. There is no major news to boost or suppress the gold price in the short term. From the trend point of view, it is obvious that the rebound of gold is not enough to support the rebound and continuation of the breakthrough of gold. Therefore, after consuming a certain amount of short-selling power, the bulls will regain control of the situation, and there will be very good trading opportunities for long gold. Now we are long gold around 2905-2910. The target is 2915-2920 area, wish us good luck! Brothers, are you following me to go long on gold?
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In general, gold is still bullish. Don't worry about the fact that it has not broken through the previous high of 2955. It will only take a moment to break through. The rebound from 2832 directly hit 2930. The downward trend itself has gone bad. Such a strong rebound is no longer a rebound in the process of decline, but a bottoming out and rebound. Therefore, the nature of the current market is an upward trend that started with 2832 as the starting point. It is currently fluctuating in a large range around the highs of 2930-2890. It is just an upward correction, not a rebound. Next, the 2900-2890 area is support, and gold continues to be bullish.
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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.