Gold is consolidating in a narrow range, and the market is waiti
Updated
https://www.tradingview.com/x/FUsB3a41/
Gold prices retreated slightly in the early trading, reaching a low of around $2724-25, but quickly recovered the lost ground.
Voting for the general election has begun, and the preliminary results are expected to be announced at noon tomorrow. Taking previous elections as an example, the official results may take several days or longer, which is expected to further exacerbate market volatility. Therefore, no matter how you operate, you need to strictly stop losses.
After the morning decline, in principle, you need to go short once in the afternoon, and the position of the short should not be too high.
The pattern of the early trading belongs to the support sideways weakening break. From the perspective of the market, the continuous low point test has been touched many times. The more tests are made, the less meaningful the support is, and the greater the probability of breaking.
Under the general election, light positions are arranged. The high point of 2737 in the afternoon is the boundary between strength and weakness. If it breaks again, the arranged 2735-36 short positions need to be adjusted.
Today, the retracement time is set to around 4 o'clock in the European session. Once it breaks through 2730 again, it is expected to test 2720-18, which happens to be the target position for short positions and also the position for long positions to consider layout!
For the past two days, we can only wait and see. Avoiding risk events is a safe strategy. What this market lacks the most is opportunities! Be patient and wait!
Gold prices retreated slightly in the early trading, reaching a low of around $2724-25, but quickly recovered the lost ground.
Voting for the general election has begun, and the preliminary results are expected to be announced at noon tomorrow. Taking previous elections as an example, the official results may take several days or longer, which is expected to further exacerbate market volatility. Therefore, no matter how you operate, you need to strictly stop losses.
After the morning decline, in principle, you need to go short once in the afternoon, and the position of the short should not be too high.
The pattern of the early trading belongs to the support sideways weakening break. From the perspective of the market, the continuous low point test has been touched many times. The more tests are made, the less meaningful the support is, and the greater the probability of breaking.
Under the general election, light positions are arranged. The high point of 2737 in the afternoon is the boundary between strength and weakness. If it breaks again, the arranged 2735-36 short positions need to be adjusted.
Today, the retracement time is set to around 4 o'clock in the European session. Once it breaks through 2730 again, it is expected to test 2720-18, which happens to be the target position for short positions and also the position for long positions to consider layout!
For the past two days, we can only wait and see. Avoiding risk events is a safe strategy. What this market lacks the most is opportunities! Be patient and wait!
Trade active
Gold's current state will not fluctuate much
Disclaimer
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.