Although gold encountered resistance again near 3385 in the short term, the retracement has not been effectively continued so far, and the downward momentum is not particularly strong. Gold has always remained above the 3375-3365 area, with strong buying support below and the market bearish sentiment is not serious. In comparison, the bulls still have a considerable advantage!
The current gold price structure clearly maintains a strong bullish trend. With gold reclaiming the 3375-3365 area yesterday, bullish sentiment has further strengthened. As gold's center of gravity shifts upward, multiple strong support areas have formed below, limiting any potential pullbacks and further supporting its upward trajectory. Therefore, as long as gold can maintain above the 3375-3365 area, I believe that gold will definitely refresh the short-term high of 3390 again, and is expected to launch a strong impact on the 3400 mark, and may even continue to the 3420-3430 area.
So for short-term trading, I don’t have much desire to short gold for the time being. I am happy to watch for opportunities to enter long positions after gold retreats to the 3375-3365 area!
The current gold price structure clearly maintains a strong bullish trend. With gold reclaiming the 3375-3365 area yesterday, bullish sentiment has further strengthened. As gold's center of gravity shifts upward, multiple strong support areas have formed below, limiting any potential pullbacks and further supporting its upward trajectory. Therefore, as long as gold can maintain above the 3375-3365 area, I believe that gold will definitely refresh the short-term high of 3390 again, and is expected to launch a strong impact on the 3400 mark, and may even continue to the 3420-3430 area.
So for short-term trading, I don’t have much desire to short gold for the time being. I am happy to watch for opportunities to enter long positions after gold retreats to the 3375-3365 area!
Trade active
Gold retreated to the 3375-3365 area as expected. I have just executed the gold long trade as planned. I expect gold to rebound again and touch the area around 3390, or even directly touch our target area of 3395-3405. As for the result, let us wait and see!Trade closed: target reached
Under everyone's witness, gold did not hit SL: 3386 after all, and hit our TP: 3395 as expected. We successfully gained nearly 300pips, which can be said to be a very successful short-term transaction. Congratulations to all VIP members and all friends who followed my long trading strategy.Although we have made many complex changes and adjustments to SL during the trading process, our purpose is to protect our profits while striving for more profits. I think our work is worthwhile. Because of our patient and determined execution, we gained an additional 100-150 pips profit compared to the 3380-3385 area.
Rigorous trading, scientific investment, and compound profits! Get free trading strategies in the Telegram group: t.me/Steffen_S68
Related publications
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.
Rigorous trading, scientific investment, and compound profits! Get free trading strategies in the Telegram group: t.me/Steffen_S68
Related publications
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.