Gold fell sharply at the opening today, and the lowest point hit $3175.
From the weekly line, this has already touched the weekly MA10 moving average position.
Quaid believes that traders should not blindly carry out short strategies. If there is a price rebound, the rise will be very fast, and the market may not give you a chance to stop loss.
From the 4H chart, we can see that gold has started a downward trend from last Friday's high of $3345. $3345-3307 is wave a. $3307-3360 is wave B. Currently, it is wave C from around $3360.
However, this wave C has not ended yet. If we look at it by standard, it will be considered the end of this trend only when it goes down to around $3120.
However, around $3175 is a support position. So now before it falls below $3175, gold may maintain a shock adjustment of $3200-3175.
I think you need to pay attention to the short-term resistance level of $3200-3250. If it cannot be as strong as breaking, then we can still carry out a short strategy below 3200.
From the weekly line, this has already touched the weekly MA10 moving average position.
Quaid believes that traders should not blindly carry out short strategies. If there is a price rebound, the rise will be very fast, and the market may not give you a chance to stop loss.
From the 4H chart, we can see that gold has started a downward trend from last Friday's high of $3345. $3345-3307 is wave a. $3307-3360 is wave B. Currently, it is wave C from around $3360.
However, this wave C has not ended yet. If we look at it by standard, it will be considered the end of this trend only when it goes down to around $3120.
However, around $3175 is a support position. So now before it falls below $3175, gold may maintain a shock adjustment of $3200-3175.
I think you need to pay attention to the short-term resistance level of $3200-3250. If it cannot be as strong as breaking, then we can still carry out a short strategy below 3200.
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.
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.