5.31 GOLD strategy
Based on the information you provided, here is the translation:
Yesterday, we exited our short position at the profit-taking point based on the support level given by the 1-hour chart. Now, as the gold price continues to consolidate at a high level, the resistance levels on the 1-hour and 2-hour charts remain valid. We need to wait for the price to rebound to the resistance level before entering a new short position. If there is an effective breakout, we should switch to a long position.
1-hour resistance: 2352
2-hour resistance: 2360
4-hour resistance: around 2373
As for the monthly chart mentioned a few days ago, today is the closing day. If there is no significant surge in the last trading day, it will form two long wicks, which indicates a potential for a larger price correction in the later period. This needs to be noted.
Yesterday, we exited our short position at the profit-taking point based on the support level given by the 1-hour chart. Now, as the gold price continues to consolidate at a high level, the resistance levels on the 1-hour and 2-hour charts remain valid. We need to wait for the price to rebound to the resistance level before entering a new short position. If there is an effective breakout, we should switch to a long position.
1-hour resistance: 2352
2-hour resistance: 2360
4-hour resistance: around 2373
As for the monthly chart mentioned a few days ago, today is the closing day. If there is no significant surge in the last trading day, it will form two long wicks, which indicates a potential for a larger price correction in the later period. This needs to be noted.
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