Gold forms a falling pattern as risk aversion fades
Updated
There is not much to say today. What should be said has been explained in yesterday's post. My current strategy remains unchanged. I still maintain a bearish view and will continue to hold short positions.
Yesterday I said that it is obvious from the 4-hour chart that gold has formed a head and shoulders top pattern and a plunge is about to begin. As the risk aversion caused by Israel and Lebanon subsides, the factors supporting the rebound of gold are gone, and the only way to go is a decline.
Upper resistance: 2390, 2400, 2410
Lower support: 2370, 2350, 2320
Now we need to focus on the ADP employment data and the Fed's interest rate decision to be released tomorrow.
Yesterday I said that it is obvious from the 4-hour chart that gold has formed a head and shoulders top pattern and a plunge is about to begin. As the risk aversion caused by Israel and Lebanon subsides, the factors supporting the rebound of gold are gone, and the only way to go is a decline.
Upper resistance: 2390, 2400, 2410
Lower support: 2370, 2350, 2320
Now we need to focus on the ADP employment data and the Fed's interest rate decision to be released tomorrow.
Trade active
Maintain bearish viewTrade active
Very good. Although the downward trend rebounded under the influence of bullish data, it fell again after the influence was digested.Trade active
The rebound will not last long, continue to stick to the bearish trendTrade active
Israel's attack on Lebanon once again triggered a rise in risk aversion, causing gold and silver safe-haven products to rise violentlyTrade active
Originally, the downward trend of gold was very good, but Israel's attack on Lebanon once again triggered a rise in risk aversion, causing the safe-haven products of gold and silver to rise violently. The impact of sudden events such as geopolitical situations is always greater than your analysis of the market. It is frustrating, but it is a fact that cannot be changed.
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