Gold’s rally isn’t over yet, bullish outlook continues next week
Updated
https://www.tradingview.com/x/Me6784AF/
Gold prices were indeed exciting yesterday, with a unilateral plunge of nearly $100. Judging from the current trend, bulls and shorts are intertwined, and the trend has fallen into a chaotic stage. The fundamental reason is that after a sharp decline, gold prices will still have the power to fall with inertia. Another point is that the gold price has not yet fallen below the previous wave low of 2319 at the one-hour level, and the downward wave has not yet formed! Although there is support below the upward trend line, there are signs of recovery in the short term, and the overall trend is still in a volatile upward pattern! Regarding the layout idea for next Monday, we mainly refer to the 2319 watershed, but I think the probability of directly testing $25 at the opening of Monday is not high, so the overall idea is still bullish!
In addition, it can be seen from the Fibonacci indicator that the retracement ratio of this round of upward attack at the daily level has not yet reached 0.382. At the same time, even if the sharp downward trend falls below the support of the two moving averages at the one-hour level, the moving averages still show a golden cross shape, and the short-term still has the ability to restore momentum! In other words, everyone should know that gold prices are still in a bullish trend! Therefore, we will continue to be bullish in the short term next Monday. Unless it falls below the 2319 line, we will not start to change our thinking! If you are still confused about the current fashion trends, you can tell me in the comments below.
specific strategies
Gold is above 2325-2330, stop loss 2315, target 2360
Traders, if you like this idea or have your own opinion about it, please write in the comments. I will be happy 👩💻
Gold prices were indeed exciting yesterday, with a unilateral plunge of nearly $100. Judging from the current trend, bulls and shorts are intertwined, and the trend has fallen into a chaotic stage. The fundamental reason is that after a sharp decline, gold prices will still have the power to fall with inertia. Another point is that the gold price has not yet fallen below the previous wave low of 2319 at the one-hour level, and the downward wave has not yet formed! Although there is support below the upward trend line, there are signs of recovery in the short term, and the overall trend is still in a volatile upward pattern! Regarding the layout idea for next Monday, we mainly refer to the 2319 watershed, but I think the probability of directly testing $25 at the opening of Monday is not high, so the overall idea is still bullish!
In addition, it can be seen from the Fibonacci indicator that the retracement ratio of this round of upward attack at the daily level has not yet reached 0.382. At the same time, even if the sharp downward trend falls below the support of the two moving averages at the one-hour level, the moving averages still show a golden cross shape, and the short-term still has the ability to restore momentum! In other words, everyone should know that gold prices are still in a bullish trend! Therefore, we will continue to be bullish in the short term next Monday. Unless it falls below the 2319 line, we will not start to change our thinking! If you are still confused about the current fashion trends, you can tell me in the comments below.
specific strategies
Gold is above 2325-2330, stop loss 2315, target 2360
Traders, if you like this idea or have your own opinion about it, please write in the comments. I will be happy 👩💻
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