Can gold continue its decline and hit a new low?Gold price is currently trading below 3330. The downward trend in the Asian session fell below 3313, and our short position also successfully harvested a wave of big profits. Gold price showed signs of rebound at the beginning of the European session. Now the upper suppression level can be moved down. The short-term suppression refers to 3330, followed by the second highest point on the way up to 3357; the lower support focuses on 3285, and after effectively breaking it, we can focus on 3245. Now the gold price is trading near the low point of 3318. The prudent operation idea is to short at 3320 for protection at 3331 to see the gold price go to 3285. After the break, wait for the rebound of 3300 and go short again to see the position of 3245. It is not recommended to participate in long positions.
On the whole, today's short-term operation of gold recommends shorting mainly on rebounds, supplemented by longs on callbacks. The top short-term focus is on the first-line resistance of 3320-3330, and the bottom short-term focus is on the first-line support of 3285-3245.
Short order strategy:
Strategy 1: Short 20% of the gold position in batches when it rebounds to around 3320-3325, stop loss 6 points, target around 3290-3260, and look at 3245 if it breaks;
Long order strategy:
Strategy 2: Long 20% of the gold position in batches when it pulls back to around 3245-3250, stop loss 6 points, target around 3280-3290, and look at 3300 if it breaks;
