Although the rebound in gold has exceeded my expectations to a certain extent, it is obviously not a good time to chase the rise in gold. The gold rebound mainly benefits from Trump's repeated requests for the Federal Reserve to cut interest rates, which has led to the continued weakness of the US dollar. In fact, we can clearly see that the gold rebound is not supported by trading volume, and the rebound without volume may face the risk of collapse again at any time. So I don't advocate chasing long gold at present.
Currently, gold has rebounded to around 3339, almost recovering most of the losses in the previous downward wave (the starting point of the previous wave was 3350), but gold is still under pressure in the 3340-3350-3355 area. In the absence of volume support, gold may fall again after touching this resistance area.
Therefore, shorting gold is still the first choice for short-term trading at present; at least make sure not to chase high!
You can consider shorting gold with the 3340-3350-3355 area as resistance, and look at the target: 3320-3310-3300
Currently, gold has rebounded to around 3339, almost recovering most of the losses in the previous downward wave (the starting point of the previous wave was 3350), but gold is still under pressure in the 3340-3350-3355 area. In the absence of volume support, gold may fall again after touching this resistance area.
Therefore, shorting gold is still the first choice for short-term trading at present; at least make sure not to chase high!
You can consider shorting gold with the 3340-3350-3355 area as resistance, and look at the target: 3320-3310-3300
Trade active
Gold has reached my expected short entry point as planned. I have executed the short trade as planned, and I hope that gold can fall back to the target area. Are you still optimistic about gold's pullback like me? Do you have the courage to continue to short gold?Trade closed: target reached
Bros, I shorted gold in batches near 3345 and 3355 respectively as planned. After patiently holding and waiting, it is currently difficult for gold to fall. The short energy is weak and there is insufficient buying interest, so gold currently maintains a narrow range of fluctuations. And the intraday market is about to close, so I don't think there is any need for us to wait any longer. So I have closed the short position near 3337 to lock in profits.
Detailed strategies, accurate signals, considerable profits, Telegram group：t.me/Steffen_S68
Learn detailed trading strategies and get accurate trading signals, Telegram group: t.me/Steffen_S68
Learn detailed trading strategies and get accurate trading signals, Telegram group: t.me/Steffen_S68
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.
Detailed strategies, accurate signals, considerable profits, Telegram group：t.me/Steffen_S68
Learn detailed trading strategies and get accurate trading signals, Telegram group: t.me/Steffen_S68
Learn detailed trading strategies and get accurate trading signals, Telegram group: t.me/Steffen_S68
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.