Gold fell under pressure as expected

✅The US non-farm payrolls data released on Friday had a significant negative impact on gold, but the main market players used the data to deliberately raise the gold price and create the illusion of attracting more. Despite this, the gold price ultimately failed to break through the 2700 mark. This shows that gold is currently in a strong pressure area, especially between 2695-2720. On the technical level, the two impacts of gold prices on 2720 in this round failed, and the 2695-2720 area obviously constitutes a strong resistance. Combined with the technical pattern analysis, the gold price is still in the process of constructing the right shoulder of the head and shoulders top, and the 2721 and 2726 areas have formed an irregular double top pattern.

✅After the opening of today, the market generally expected that gold would continue Friday's rally, but in fact, the gold price has always been under pressure below 2690. Based on this, there is currently no sufficient reason to support long gold. On the contrary, using 2690 as a high point to try to short has a higher cost-effectiveness, and the stop loss can be set at 2697, and the risk control is relatively clear.

✅The current gold price is at the end of the top triangle, and it is expected to fall back to around 2670 in the short term, which coincides with the 100% target of the Fibonacci expansion. After reaching this area, you can consider going long on the backhand and set the stop loss below 2660 to achieve a long-short two-way operation strategy.

🔴Upper resistance: 2693-2697
🟢Lower support: 2663-2665

✅Intraday Trading strategy:
🔶GOLD SELL: 2690-2693
🔰TP1: 2680
🔰TP2: 2670
🔰TP3: 2665 OPEN~

🔶GOLD BUY: 2663-2665
🔰TP1: 2675
🔰TP2: 2685
🔰TP3: 2695 OPEN~

✅The technical pattern shows that the current gold price is still in the construction stage of the right shoulder area of the head and shoulders top, with significant top pressure. Short-term trading needs to pay attention to the possibility of intraday fluctuations. At the same time, it is necessary to pay close attention to the market dynamics during the US trading session and flexibly adjust the trading strategy to cope with the trend after the price breaks through the key position.

Aurum_Capital

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