Gold, this Friday once again showed the shape of bottoming out and rebounding. After hitting the lowest line of 03, it began to reverse, and closed around 14, forming a negative cross star with a long lower lead. The daily line did not continue, and it was under pressure at the position of the mid-term moving average , On the contrary, it fulfilled the rapid fall of the bears, and the fall on Friday is also likely to be the second test of the bears. With the poor continuity of the bulls, we are still not optimistic about the continued upward movement of gold in the later period. A bear is under pressure, and the current pressure on gold is maintained at the 20-line. This position will continue to serve as the watershed between long and short positions and the position of key pressure points in the later stage. If we continue to stand firm at this position for a long time, we will still prefer to Bulls, on the contrary, if the counter-drawing is under pressure and retreats on Monday, we can temporarily announce that the short-term long-term counter-drawing will come to an end, and the support below will remain around 1900. If gold rebounds first on Monday, see 19-20 Continue to short in the vicinity, the target is around 05-00, and the loss is 25.5. If the performance of the European market is strong and there is no intention of retracement, the position needs to be adjusted before the US market!
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The IGCS indicator shows that about 71% of retail traders are net long gold. Since gold bulls are in the majority, this suggests gold prices may fall. However, the downside exposure has increased by 16.35% and 45.24% compared to yesterday and last week respectively, implying that the current price trend could continue higher
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The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.