In the short term, gold has risen sharply under the simultaneous stimulation of tariffs and geopolitical conflicts, but it has gradually fallen back after reaching around 3392, and has not broken through the 3400 mark in one fell swoop, indicating that the bullish momentum does not have the potential to continue to rise for the time being, so it may still need a certain degree of technical support, so gold has a need to retrace in the short term;
In addition, if gold continues to retrace, then there may be a structural form at the technical level that offsets the short-term double bottom structure support, so gold may also form a double top structure in the short term. The first thing we need to pay attention to is the resistance near 3370, followed by the resistance near 3390; and below we must first pay attention to the support near 3345, followed by the 3330-3320 support area.
Trading strategy:
1. Consider continuing to short gold in the 3370-3380 area, TP: 3355-3345;
2. If gold first retreats to the 3345-3335 area and does not fall below this area, consider going long on gold; TP: 3360-3370
In addition, if gold continues to retrace, then there may be a structural form at the technical level that offsets the short-term double bottom structure support, so gold may also form a double top structure in the short term. The first thing we need to pay attention to is the resistance near 3370, followed by the resistance near 3390; and below we must first pay attention to the support near 3345, followed by the 3330-3320 support area.
Trading strategy:
1. Consider continuing to short gold in the 3370-3380 area, TP: 3355-3345;
2. If gold first retreats to the 3345-3335 area and does not fall below this area, consider going long on gold; TP: 3360-3370
Trade active
Gold hit a low of 3333 during the decline, and then rebounded. While gold was falling, I bought gold near 3341 and 3335 according to the trading plan, and set TP: 3350. Just now, gold rebounded above 3350 during the rebound, successfully hitting TP, and we made a profit of 240 pips in the long gold.Trade closed: target reached
Because gold fluctuated almost around 3363 in the London market and did not touch the 3370-3380 area, it was a pity that we were not able to participate in the gold short trade, but fortunately, gold activated our entry position during the decline, so I accurately seized the opportunity to buy gold near 3341 and 3335, which was in line with our trading plan of buying gold in the 3345-3335 area. However, gold fell directly without touching the 3370-3380 area, and the signs of short-selling were obvious, so we must lower the rebound expectations in short-term trading, which is why I set TP: 3350 instead of 3360.
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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.