gold, Buy view on this week's low unchanged
Updated
gold, the outlook for the European session remains unchanged. The viewpoint for buying at this week's low remains the same.
In terms of gold, yesterday's price movement was not significant due to the Memorial Day holiday in the US market. The daily chart formed another small bullish candlestick, still within the price range of Friday. There are two interpretations for this pattern:
The smaller pattern is still enveloped within the previous day's small bullish candlestick, which can be disregarded.
In a continuous downtrend, the stronger the support and the larger the bullish candlestick without any significant pullback, the weaker the signal.
Therefore, in terms of momentum, there is still potential for further downside continuation in this pattern. Yesterday, I also emphasized the levels to watch for retracement on the weekly chart and the points for medium-term positioning:
In terms of price range, the previous drop from 1960 to 1805 was a decline of $155. To satisfy a safe margin, any correction should be greater than $155, which means it should be below 1925, calculated from 2080.
In terms of time correction, if the correction price does not reach the range, time can also be considered. For example, from 1960 to 1805, there was a difference of 26 trading days. If we calculate from 2080, May 4th, using the same 26-day difference, it would roughly fall around Tuesday or Wednesday.
Therefore, for medium-term buying, it is crucial to stay within the safe margin of time and price. The key is to control position size and entry temperament, and not to miss out just because the pattern appears weak when the price reaches the desired level.
Of course, in yesterday's market with the US session closed, there aren't many technical points to discuss. However, there is one aspect: the retracement in the US session. Although the magnitude was not significant, the pattern and timing indicate a rebound followed by a decline in the US session.
As for today, since the price is still within yesterday's range without much change, the outlook remains largely the same as yesterday.
In terms of trading strategies:
Currently, stay out of the market.
If staying out of the market, there are still two options. One is to wait for a break of the intraday low and sell on a rebound in the US session, focusing on the cyclic patterns in the US session. The other option is to observe the European session for a decline. If the European session breaks the resistance and shows strength, buy before the US session.
In terms of gold, yesterday's price movement was not significant due to the Memorial Day holiday in the US market. The daily chart formed another small bullish candlestick, still within the price range of Friday. There are two interpretations for this pattern:
The smaller pattern is still enveloped within the previous day's small bullish candlestick, which can be disregarded.
In a continuous downtrend, the stronger the support and the larger the bullish candlestick without any significant pullback, the weaker the signal.
Therefore, in terms of momentum, there is still potential for further downside continuation in this pattern. Yesterday, I also emphasized the levels to watch for retracement on the weekly chart and the points for medium-term positioning:
In terms of price range, the previous drop from 1960 to 1805 was a decline of $155. To satisfy a safe margin, any correction should be greater than $155, which means it should be below 1925, calculated from 2080.
In terms of time correction, if the correction price does not reach the range, time can also be considered. For example, from 1960 to 1805, there was a difference of 26 trading days. If we calculate from 2080, May 4th, using the same 26-day difference, it would roughly fall around Tuesday or Wednesday.
Therefore, for medium-term buying, it is crucial to stay within the safe margin of time and price. The key is to control position size and entry temperament, and not to miss out just because the pattern appears weak when the price reaches the desired level.
Of course, in yesterday's market with the US session closed, there aren't many technical points to discuss. However, there is one aspect: the retracement in the US session. Although the magnitude was not significant, the pattern and timing indicate a rebound followed by a decline in the US session.
As for today, since the price is still within yesterday's range without much change, the outlook remains largely the same as yesterday.
In terms of trading strategies:
Currently, stay out of the market.
If staying out of the market, there are still two options. One is to wait for a break of the intraday low and sell on a rebound in the US session, focusing on the cyclic patterns in the US session. The other option is to observe the European session for a decline. If the European session breaks the resistance and shows strength, buy before the US session.
Trade active
As we said today, the market will proceed down without breaking the 1963 level. And we offer a good learning opportunity to everyone, giving a good explanation of why the market is good.Trade active
Gold,focus on the downward rise in support resistance position.
Trade active
Gold, NF Briefing
Trade closed: target reached
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