Information Summary:
On Tuesday, the White House was finalizing the location for the Russia-Ukraine summit. As traders began betting on a possible end to the conflict, gold prices fell, hitting a new low of 3314.8, a drop of 0.51%. On Thursday, investors focused on the Federal Reserve meeting minutes, which could be a catalyst for a turnaround in gold's performance.
Market Analysis:
On Tuesday, gold rebounded slightly in the Asian session, but faced resistance at the 3345 level before retreating and fluctuating downward. The downward trend continued in the European session, with the market even breaking through the key support level of 3320, completely opening up short-term downside potential. This week has emphasized gold's weakness, and the current trend is in line with my expectations.
From the 4-hour chart, upward resistance is expected around 3330-3335. We will continue to short on a rebound to this level today, waiting for a pullback. The short-term dividing line is around 3345. If the daily chart fails to break through and stabilize above this level, we will maintain our strategy of shorting on rebounds.
Trading Strategy:
Short at 3330-3335, add to your position when it rebounds to 3340-3345, stop loss at 3350, profit range 3320-3310-3300. If it falls below 3300, hold a small position and wait for a new low.
On Tuesday, the White House was finalizing the location for the Russia-Ukraine summit. As traders began betting on a possible end to the conflict, gold prices fell, hitting a new low of 3314.8, a drop of 0.51%. On Thursday, investors focused on the Federal Reserve meeting minutes, which could be a catalyst for a turnaround in gold's performance.
Market Analysis:
On Tuesday, gold rebounded slightly in the Asian session, but faced resistance at the 3345 level before retreating and fluctuating downward. The downward trend continued in the European session, with the market even breaking through the key support level of 3320, completely opening up short-term downside potential. This week has emphasized gold's weakness, and the current trend is in line with my expectations.
From the 4-hour chart, upward resistance is expected around 3330-3335. We will continue to short on a rebound to this level today, waiting for a pullback. The short-term dividing line is around 3345. If the daily chart fails to break through and stabilize above this level, we will maintain our strategy of shorting on rebounds.
Trading Strategy:
Short at 3330-3335, add to your position when it rebounds to 3340-3345, stop loss at 3350, profit range 3320-3310-3300. If it falls below 3300, hold a small position and wait for a new low.
With accurate market analysis and precise trading signals, I will lead my team to achieve geometrically multiplied profits in the gold market.
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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.
With accurate market analysis and precise trading signals, I will lead my team to achieve geometrically multiplied profits in the gold market.
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.