Gold fell back from highs as expected
✅Today, the price of gold has fallen significantly after a round of strong rise. The current gold price is under pressure near 2664 and has fallen back at this position. Our short position near 2660 has successfully made a profit of about $18. This point is also the area where gold shorts have been effectively suppressed many times recently, and the gold price shows the possibility of falling back when it rebounds here, forming a potential three-top pattern.
✅If the price breaks through 2664, it means that the short retracement may be over and we need to adjust our strategy. However, if the gold price remains near this resistance level, it is likely to continue to fall and form further short-selling pressure. The support level below is currently around 2639, which is a key position for the top and bottom conversion. If the gold price falls below this support level, it may usher in the last wash action of the short-selling.
✅Despite the strong rebound today, gold still has not shown a clear strong breakthrough signal, and the market uncertainty is still relatively large. This week will usher in the release of non-agricultural data, which may also be a catalyst for the breakthrough of the gold shock range. Therefore, we recommend maintaining a rebound short-selling trading strategy in the short term.
🔴Upper resistance: 2664-2665
🟢Lower support: 2610-2615
✅Intraday Trading strategy:
🔶GOLD SELL: 2660-2663
🔰TP1: 2645
🔰TP2: 2630
🔰TP3: 2615 OPEN~
🔶GOLD BUY: 2612-2615
🔰TP1: 2625
🔰TP2: 2635
🔰TP3: 2645 OPEN~
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