Gold falls below new lows, Sell wins big, prepares to Sell again
Gold continues to decline, isn't it exciting? Recently, every time gold rebounds, we say it's just a rebound, not a reversal. A rebound presents a better selling opportunity, and it seems that everything is running as predicted.
The 4-hour moving average of gold has crossed downwards, indicating a bearish trend, and the 2300 psychological support level has been breached, further opening up downside potential. Additionally, the double top formation on the 4-hour chart continues to suppress gold's rise. Therefore, any rebound below 2300 today is an opportunity to sell. I'm planning to sell around 2295 on the rebound.
This is the charm of the market. Some people always linger in chasing highs and catching lows, while others can grasp turning points. However, the premise is to see the trend clearly and follow it. Going with the trend is smooth sailing, while going against it is chaotic. With gold continuously hitting new lows and limited rebound strength, short-term gold remains weak. We're sticking with the bearish trend. If the direction is wrong, efforts are in vain; if it's right, results are amplified. Don't make excuses for failure, only seek methods for success. Have you found yours?
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