5.21 GOLD Strategy for Gold Trading
Yesterday, gold prices repeatedly hit new highs, peaking at 2450, and then retreated, falling precisely to the 1-hour support level of 2410 in our model. After that, it continued to rise by 250 points. We executed multiple buy orders at the support level and made a profit of 200 points.
Today, gold prices continue to adjust, and they have now fallen back to near the 1-hour support level of 2410 again. We choose to continue buying. If the support level is effectively broken, we should not rush into selling. Instead, we will wait for the 2-hour support level of 2394 to execute more buy orders.
Our current strategy for gold is to buy on dips, but we should not guess blindly where the lows will be. We should strictly follow the support levels given by our model.
1-hour Support: 2410
2-hour Support: 2394
4-hour Support (temporarily): 2380
Today, gold prices continue to adjust, and they have now fallen back to near the 1-hour support level of 2410 again. We choose to continue buying. If the support level is effectively broken, we should not rush into selling. Instead, we will wait for the 2-hour support level of 2394 to execute more buy orders.
Our current strategy for gold is to buy on dips, but we should not guess blindly where the lows will be. We should strictly follow the support levels given by our model.
1-hour Support: 2410
2-hour Support: 2394
4-hour Support (temporarily): 2380
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