My view has been bullish recently. We seized the opportunity in the previous rise and made profits many times, but we didn't catch the big rise today, which is really regrettable.
When the gold price was weak at 2948, my plan was to wait for the gold price to fall back to support 2930 before intervening, but I didn't expect that it would suddenly start a violent rise mode, not only breaking through the historical high of 2956, but also refreshing the historical high to 2982, which is still 18$ away from the 3000-point integer mark.
At present, gold is indeed strong, but from the 102$ increase from the lowest 2880 to 2982 this week, I think we need to pay attention to the risks brought by possible corrections in the short term.
According to the Fibonacci retracement indicator of 2880-2980, 0.618 is at 2943 and 0.5 is at 2931. Once it pulls back, the amplitude will have room for 40-50$. This amplitude is still very large, so we have to pay attention.
Although it is uncertain whether gold will directly test the 3000 integer mark, but judging from the current price of 2982, the upside is 18$, while the correction is 40-50$. Based on this comparison, do you think it is more cost-effective to sell now?
When the gold price was weak at 2948, my plan was to wait for the gold price to fall back to support 2930 before intervening, but I didn't expect that it would suddenly start a violent rise mode, not only breaking through the historical high of 2956, but also refreshing the historical high to 2982, which is still 18$ away from the 3000-point integer mark.
At present, gold is indeed strong, but from the 102$ increase from the lowest 2880 to 2982 this week, I think we need to pay attention to the risks brought by possible corrections in the short term.
According to the Fibonacci retracement indicator of 2880-2980, 0.618 is at 2943 and 0.5 is at 2931. Once it pulls back, the amplitude will have room for 40-50$. This amplitude is still very large, so we have to pay attention.
Although it is uncertain whether gold will directly test the 3000 integer mark, but judging from the current price of 2982, the upside is 18$, while the correction is 40-50$. Based on this comparison, do you think it is more cost-effective to sell now?
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If you don’t know where to start trading, you can join the channel and get accurate trading signals
👊Join the free Telegram group:
t.me/Reliable_Trading0
🏆Contact me to copy trading:
t.me/Reliable_Trading1
👊Join the free Telegram group:
t.me/Reliable_Trading0
🏆Contact me to copy trading:
t.me/Reliable_Trading1
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.