Gold needs to be adjusted. Buy first, then sell.
Updated
GOLD XAUUSD MGC1! GC1! Yesterday, the U.S. dollar index recorded its largest daily gain since June 20, as the July Philadelphia Fed manufacturing index was significantly higher than expected, showing signs of a strong U.S. economy. At the same time, market expectations for a ceasefire agreement in the Middle East have increased, which has slightly suppressed demand for gold. Affected by this, the price of gold fell below the rising trend line and is now near the previous support line of 2420.
In the big direction, the price of gold has turned from a bullish trend to a bearish trend. This state will not change before new news or data affects it, so trading is mainly based on selling high.
From a technical perspective, the unilateral decline is particularly strong, but it cannot be sustained. Now the price has just stopped falling at 2420. I think it needs to rebound upward and adjust before continuing to fall.
Summary: There is a need for rebound adjustment after a big drop, and the strategy is to rise first and then fall.
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There is some support in the 2410-2420 area. If there is no rebound and it falls directly and falls below the support, we will be bearish and target 2400 and 2380.Trade active
After breaking the support level, the gold price fell further and was getting closer to the 2400-point integer mark. When the Sell order reaches 2400 points, you can take a profit first and sell again when it rebounds.Trade active
It has successfully fallen to 2400, and the rebound can continue to sellTrade active
Gold stopped falling and rebounded as expected. During the rebound, you can continue to look for suitable opportunities. Sell
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