From the gold 1-hour K-line chart, the current price continues to be suppressed by the key resistance level of 3325. This Friday, the Asian and European trading sessions showed a clear downward trend, reaching a low of 3271. The rapid rebound on Thursday easily induces investors to chase the rise, but the decline on Friday once again shows that there is a major market wash-out behavior. Given that the overall weak consolidation pattern on Friday is expected to face new downward pressure at the beginning of next week. At present, the gold 1-hour moving average system has turned to a short arrangement, and a golden cross signal has not yet been formed, indicating that the short momentum is continuing to accumulate. Therefore, I suggest adopting a rebound short trading strategy. If the price fails to break through the 3310 resistance level after the rebound, you can consider establishing a short position near this position next week to seize the opportunity to continue the short trend. Operational suggestions: Consider the layout of short orders after the price rebounds to the 3308-3312 range. This key area needs to be paid special attention.
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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.