Gold’s rebound is a good opportunity to go short
Updated
After overnight short orders hit TP: 2343 this morning, gold has been fluctuating within the 2340-2345 area. Judging from the current gold trend, the downward trend of gold has slowed down, and it has rebounded again in the short term and exceeded the 2340-2345 area. But the weak situation has not changed.There are two voices in the current market. One is that gold has stopped falling and stabilized in the short term, and may continue to rebound, and may even hit 2400 again. The other voice is that gold’s rebound is weak and there is still room for decline.It may continue to fall to around 2300 after consolidation.
https://www.tradingview.com/x/cX8cFN0C/
In fact, relatively speaking, I think gold cannot be characterized as a market reversal for the time being, but only a short-term rebound after the market crash. As evidenced by the fact that gold fell again after touching around 2357 today.Judging from the current trend, gold currently tends to fluctuate, but as far as the restorative market is concerned, the repair intensity is still lacking, so it is still not ruled out that gold will continue to fall after the shock;In addition, from the perspective of the U.S. dollar index, the U.S. dollar index has fallen significantly, while the short-term rebound of gold is far less than the decline of the U.S. dollar index, so the overall gold appears to be weaker. And as gold falls back to the 2340 area again, the upper pressure is stronger, so I expect gold’s short-term rebound to be limited.
So in terms of trading, I still tend to short gold after gold rebounds. The first thing to focus on is the 2360-2370 resistance area, especially the 2365 position area, which is a strong defensive area for short sellers. Below, we are still focusing on the 2335-2330 support area for the time being. This area is the starting point of the two rebounds and has a strong short-term support effect. However, any time this area is broken, it will be conducive to the outbreak of shorts!
https://www.tradingview.com/x/cX8cFN0C/
In fact, relatively speaking, I think gold cannot be characterized as a market reversal for the time being, but only a short-term rebound after the market crash. As evidenced by the fact that gold fell again after touching around 2357 today.Judging from the current trend, gold currently tends to fluctuate, but as far as the restorative market is concerned, the repair intensity is still lacking, so it is still not ruled out that gold will continue to fall after the shock;In addition, from the perspective of the U.S. dollar index, the U.S. dollar index has fallen significantly, while the short-term rebound of gold is far less than the decline of the U.S. dollar index, so the overall gold appears to be weaker. And as gold falls back to the 2340 area again, the upper pressure is stronger, so I expect gold’s short-term rebound to be limited.
So in terms of trading, I still tend to short gold after gold rebounds. The first thing to focus on is the 2360-2370 resistance area, especially the 2365 position area, which is a strong defensive area for short sellers. Below, we are still focusing on the 2335-2330 support area for the time being. This area is the starting point of the two rebounds and has a strong short-term support effect. However, any time this area is broken, it will be conducive to the outbreak of shorts!
Trade active
I have shorted gold and am patiently waiting for gold to fallTrade active
Gold reaches the resistance area as expected, we can continue to short goldTrade active
After gold touched near the 2363 position, it fell back again. Our short position has made good profits.Trade active
Gold fell back to around 2348 and then rebounded again to 2354. The current rebound is not strong enough and gold still has the potential to continue falling.Trade active
Gold’s rebound is not very sustainable, so gold is still expected to fall back after encountering resistance.Trade active
Continue to short goldTrade active
Gold fell back again after hitting around 2362, and we still maintained good profits.Trade active
We can temporarily choose to use 2354TPTrade active
Gold has hit the TP and we managed to make a good profitTrade active
Today I have informed that first of all, I still prefer to short gold in short-term trading, and remind everyone to pay attention to the 2360-2370 resistance area.Especially the 2365 position area is a strong defensive position for short sellers. At present, gold has only rebounded to a maximum of around 2364, which is basically in line with my expectations for the gold market. If you follow my trading strategy to short gold, I believe you will also get very good profits!
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