Gold fell by more than $100 in two days and continues to be bear
Updated
https://www.tradingview.com/x/mJnchrZe/
There is no right or wrong in the market, the only one who is wrong is you. When you find that the direction is reversed, get out immediately. Don't take chances. Just hold on to the profits, and you can achieve long-term and stable profits.
At the beginning of this week, gold directly broke the all-time high and sprinted to the 2450 mark, and then entered the high range sweep. The low point was flat at 2406, and the high point gradually moved downward from 2447 to 2434, forming a convergent triangle range.
After the price surged higher on Wednesday and determined that the resistance began to come under pressure, it fell below the convergence triangle and fell back to the previous rising channel range.
The key point here is to fall below the triangle range and fall back to the channel range.
The upper rail of the channel 2417 was used as a suppression to start the heavy volume decline, and the decline accelerated to the lower rail of the channel 2382. Of course, this is not the end, but a new beginning.
Yesterday Thursday, the price suppressed 2384 and further fell below the low, maintaining the rhythm of a sweeping decline. It continued to fall and broke below the low in late trading until it hit 2325 in early trading today on Friday.
That is to say, in just two trading days, gold fell by more than 100 US dollars, completing the heavy-volume decline in one go!
The support and pressure levels of gold in each cycle:
The gold weekly support level is 2164, the gold daily support level is 2341, the gold 4-hour support level is 2379 area, and the gold 1-hour pressure level is 2348 area.
Today’s gold recommendation: short gold around 2348, stop loss at 2353, and take profit at 2336
There is no right or wrong in the market, the only one who is wrong is you. When you find that the direction is reversed, get out immediately. Don't take chances. Just hold on to the profits, and you can achieve long-term and stable profits.
At the beginning of this week, gold directly broke the all-time high and sprinted to the 2450 mark, and then entered the high range sweep. The low point was flat at 2406, and the high point gradually moved downward from 2447 to 2434, forming a convergent triangle range.
After the price surged higher on Wednesday and determined that the resistance began to come under pressure, it fell below the convergence triangle and fell back to the previous rising channel range.
The key point here is to fall below the triangle range and fall back to the channel range.
The upper rail of the channel 2417 was used as a suppression to start the heavy volume decline, and the decline accelerated to the lower rail of the channel 2382. Of course, this is not the end, but a new beginning.
Yesterday Thursday, the price suppressed 2384 and further fell below the low, maintaining the rhythm of a sweeping decline. It continued to fall and broke below the low in late trading until it hit 2325 in early trading today on Friday.
That is to say, in just two trading days, gold fell by more than 100 US dollars, completing the heavy-volume decline in one go!
The support and pressure levels of gold in each cycle:
The gold weekly support level is 2164, the gold daily support level is 2341, the gold 4-hour support level is 2379 area, and the gold 1-hour pressure level is 2348 area.
Today’s gold recommendation: short gold around 2348, stop loss at 2353, and take profit at 2336
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