Dear traders,
During today’s retracement, gold reached an intraday low near 2736 before rebounding above 2750. Will gold continue its upward momentum?
In my opinion, the recent pullback to the 2736 level is far from sufficient to establish a complete correction. Although gold has rebounded above 2750, it has yet to break yesterday’s high. If a lower high forms near the 2760 technical resistance zone, gold is likely to maintain its current downward trend. Furthermore, the formation of a single candlestick with a long lower shadow on the lower timeframes does not constitute strong and reliable support, which suggests limited upside potential. This rebound could also serve as a bull trap, enticing buyers before resuming the decline.
From a short-term trading perspective, I continue to advocate for shorting gold, targeting the 2730–2720 support zone. Bros, are you still optimistic about the decline of gold? If you want to learn more detailed trading ideas and get more trading signals, you can choose to join the channel at the bottom of the article to make trading no longer difficult and make making money a pleasure!
During today’s retracement, gold reached an intraday low near 2736 before rebounding above 2750. Will gold continue its upward momentum?
In my opinion, the recent pullback to the 2736 level is far from sufficient to establish a complete correction. Although gold has rebounded above 2750, it has yet to break yesterday’s high. If a lower high forms near the 2760 technical resistance zone, gold is likely to maintain its current downward trend. Furthermore, the formation of a single candlestick with a long lower shadow on the lower timeframes does not constitute strong and reliable support, which suggests limited upside potential. This rebound could also serve as a bull trap, enticing buyers before resuming the decline.
From a short-term trading perspective, I continue to advocate for shorting gold, targeting the 2730–2720 support zone. Bros, are you still optimistic about the decline of gold? If you want to learn more detailed trading ideas and get more trading signals, you can choose to join the channel at the bottom of the article to make trading no longer difficult and make making money a pleasure!
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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.
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.