Yesterday, gold rebounded strongly during the US trading session, with basically no repeated fluctuations in the middle, and finally closed near 3340. Unfortunately, the short position I held yesterday also touched the SL.
In fact, I feel that the trend of gold yesterday was somewhat tempting to short, otherwise it would not have rebounded so strongly after piercing 3300.
Because 3320 is basically a very critical support position for gold at present. After breaking through 3320 yesterday, many people chased shorts, which led to gold breaking through the 3300 mark.
But then the gold price returned to 3320 again, so it is highly likely that it will not fall below here again. Yesterday's low of 3296 may be the low point of this week.
Today, observe the support situation near 3320. If it does not fall below, you can go long on gold.
If it falls below 3320, it means that the above analysis is not valid.
But once the former is verified, the gold head and shoulders bottom pattern will be formed. At that time, I think gold may test the 3400 mark.
In fact, I feel that the trend of gold yesterday was somewhat tempting to short, otherwise it would not have rebounded so strongly after piercing 3300.
Because 3320 is basically a very critical support position for gold at present. After breaking through 3320 yesterday, many people chased shorts, which led to gold breaking through the 3300 mark.
But then the gold price returned to 3320 again, so it is highly likely that it will not fall below here again. Yesterday's low of 3296 may be the low point of this week.
Today, observe the support situation near 3320. If it does not fall below, you can go long on gold.
If it falls below 3320, it means that the above analysis is not valid.
But once the former is verified, the gold head and shoulders bottom pattern will be formed. At that time, I think gold may test the 3400 mark.
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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.
📣More detailed real-time trading strategies will be released in the channel, welcome to join and get them
🟢Join the free Telegram group:
t.me/Reliable_Trading0
🟡Contact me to copy trading:
t.me/Reliable_Trading1
🟢Join the free Telegram group:
t.me/Reliable_Trading0
🟡Contact me to copy trading:
t.me/Reliable_Trading1
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.