Gold opened lower at the start of the week, having closed near 4002 on Friday, but opened at 3983, falling as low as 3962, a drop of nearly $40. Currently, the market is range-bound with no clear trend in either direction. Trading should focus on buying low and selling high based on support and resistance levels, rather than chasing the market. The overall market is still oscillating within the 3850-4150 range. The 3880 area, which has been tested twice without a breakthrough, has become a key support level for the decline.
Gold opened lower and filled the gap. Short-term selling pressure is warranted, as bullish momentum is weak and further weakness is possible in the short term. The overall market remains in a large range-bound pattern. The short-term bullish movement is merely a rebound and has failed to drive a significant upward trend. The market opened lower this morning following weekend news and continued to decline. After filling the gap this morning, the bears may continue to exert pressure. Short positions can be considered on rallies to 4005-4015.
Gold opened lower and filled the gap. Short-term selling pressure is warranted, as bullish momentum is weak and further weakness is possible in the short term. The overall market remains in a large range-bound pattern. The short-term bullish movement is merely a rebound and has failed to drive a significant upward trend. The market opened lower this morning following weekend news and continued to decline. After filling the gap this morning, the bears may continue to exert pressure. Short positions can be considered on rallies to 4005-4015.
Trade attivo
Gold prices have been fluctuating around the 4000 level, reaching a high of 4036 last Friday before falling back to 3960. After breaking out of the converging triangle pattern, a directional move is expected. As long as the 4050-60 level holds, the correction is not over.The US government shutdown has lasted a month, with delayed economic data releases and government officials on leave. How long can the paralyzed US maintain this state? Reopening is only a matter of time, and a bipartisan agreement could trigger panic selling in gold.
Today, gold is expected to continue its pullback within the 4030 range, with a stop-loss above 4050. The key level is a potential breach of 3960. As long as the starting point of the decline is not broken, the weak consolidation is not over.
Trade chiuso: obiettivo raggiunto
As I mentioned in my article, gold fell as expected after hitting the resistance level, and has now fallen below 4000. Our short positions have yielded good returns, and our short position strategy was undoubtedly correct. Congratulations to all the friends who followed my strategy to short.
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Join my telegram channel for free t.me/GoldBitcoinSharing To follow the link, click on the globe icon on the next line
Pubblicazioni correlate
Declinazione di responsabilità
Le informazioni e le pubblicazioni non sono intese come, e non costituiscono, consulenza o raccomandazioni finanziarie, di investimento, di trading o di altro tipo fornite o approvate da TradingView. Per ulteriori informazioni, consultare i Termini di utilizzo.