Gold has broken through 3380 twice, but recovered quickly, indicating that the bulls still have some defensive power. At present, gold has touched 3400 again; it can be seen that the bulls' potential defense is still good, but it is not enough to support the continued rebound of gold in the short term. Obviously, gold is still under pressure in the 3410-3420 area in the short term. If gold cannot break through this resistance area in the short term, gold may continue to maintain a volatile state and continue to seek strong support downward. Only after gold breaks through the 3410-3420 area, it is expected to continue to rise and touch the area near 3450 again.
When gold tested the support near 3380 several times during the day and tried to break through this area, after gold failed to break through the 3410-3420 area in the short term, I think gold will be more likely to choose a downward direction, or even continue to test the 3355-3345 area. Therefore, for short-term trading, before breaking through the 3410-3420 area, we should not chase gold too much, and we can try to short gold in this area appropriately.
When gold tested the support near 3380 several times during the day and tried to break through this area, after gold failed to break through the 3410-3420 area in the short term, I think gold will be more likely to choose a downward direction, or even continue to test the 3355-3345 area. Therefore, for short-term trading, before breaking through the 3410-3420 area, we should not chase gold too much, and we can try to short gold in this area appropriately.
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Bros, after waiting for so long, gold finally fell below 3380 as expected. Gold is moving towards our expected target.Friends in the channel have made a lot of money by following the trading strategies, how is your trading going?
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Traders who do not aim at profit are not qualified traders. Maintain a trading win rate of more than 85% and pursue the annual profit target: more than $600K! Witness Free 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.