Gold is undoubtedly weak at present, and bears have the upper hand. However, since gold touched the 3290-3280 area, gold bears have made more tentative moves, but have never really fallen below the 3290-3280 area, proving that as gold continues to fall, bears have become more cautious.
From the perspective of gold structure, multiple technical structural supports are concentrated in the 3285-3275 area, which makes it difficult for gold to fall below this area easily. After gold has failed to fall below this area, gold is expected to build a short-term bottom structure with the help of multiple supports in this area, thereby stimulating bulls to exert their strength and a rebound may come at any time.
Therefore, in the short term, I do not advocate chasing short gold; instead, I prefer to try to find the bottom and go long gold in the 3290-3280 area; but we should note that because gold is currently in an obvious short trend, we should appropriately reduce the expectation of gold rebound, so we can appropriately look at the rebound target: 3305-3315 area.
From the perspective of gold structure, multiple technical structural supports are concentrated in the 3285-3275 area, which makes it difficult for gold to fall below this area easily. After gold has failed to fall below this area, gold is expected to build a short-term bottom structure with the help of multiple supports in this area, thereby stimulating bulls to exert their strength and a rebound may come at any time.
Therefore, in the short term, I do not advocate chasing short gold; instead, I prefer to try to find the bottom and go long gold in the 3290-3280 area; but we should note that because gold is currently in an obvious short trend, we should appropriately reduce the expectation of gold rebound, so we can appropriately look at the rebound target: 3305-3315 area.
Trade active
Gold has tested the 3285-3280 area many times but has not fallen below it. Our trading strategy of trying to find the bottom and go long on gold is completely correct. At present, gold has risen as expected and hit TP: 3305 as expected. In this gold long transaction, we have successfully gained 360pips. Congratulations to ourselves for our persistence!Trade closed: target reached
After testing the support of 3290-3280 several times and failing to break through, gold rebounded as expected. At present, our gold long position has successfully hit the target area: 3305-3315. There is no need to worry about profit taking. I am very happy to make a profit of more than 300 pips in the long position.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
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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.
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
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.