Gold bulls have been quite strong recently, rallying strongly after each bottoming out. Gold has already reached a triple top, so is it forming a triple top or poised for a breakout?
Due to the US government shutdown and the lack of many economic data releases, market uncertainty has increased accordingly. Last Friday, the price simply continued its rally from Thursday's bottoming out, reaching a high near 3891. While it didn't reach a new high, it did approach the high, raising market expectations for bullish momentum. However, the reality often disappoints, with no symbolic breakthrough and instead fluctuating within a small range.
From a daily and weekly perspective, an overly perfect pattern could be the trigger for a bullish-bearish reversal. The current gains are significantly overbought, and while there has been some correction, the magnitude is far from sufficient. This small upward correction continues to suppress the momentum of the bears. Given that the weekly chart has already closed with seven consecutive positive days, there is reason to bet on the first signs of a bearish candlestick pattern next week.
We didn't exit our short position last Friday during the pullback due to the small profit. If gold rebounds to around 3892 next Monday, we can add to our short position.
For specific trading decisions, please follow my real-time updates. I will update my trading ideas and strategies daily. If you don't have a plan or strategy for gold trading and are unable to achieve consistent and stable profits, you can refer to and follow my updates as a reference and guide to help you avoid mistakes.
Due to the US government shutdown and the lack of many economic data releases, market uncertainty has increased accordingly. Last Friday, the price simply continued its rally from Thursday's bottoming out, reaching a high near 3891. While it didn't reach a new high, it did approach the high, raising market expectations for bullish momentum. However, the reality often disappoints, with no symbolic breakthrough and instead fluctuating within a small range.
From a daily and weekly perspective, an overly perfect pattern could be the trigger for a bullish-bearish reversal. The current gains are significantly overbought, and while there has been some correction, the magnitude is far from sufficient. This small upward correction continues to suppress the momentum of the bears. Given that the weekly chart has already closed with seven consecutive positive days, there is reason to bet on the first signs of a bearish candlestick pattern next week.
We didn't exit our short position last Friday during the pullback due to the small profit. If gold rebounds to around 3892 next Monday, we can add to our short position.
For specific trading decisions, please follow my real-time updates. I will update my trading ideas and strategies daily. If you don't have a plan or strategy for gold trading and are unable to achieve consistent and stable profits, you can refer to and follow my updates as a reference and guide to help you avoid mistakes.
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If you don't have a detailed trading plan for gold, follow my updates. I'll update my strategies and ideas daily for your reference, helping you avoid detours on your trading journey.
Join my telegram channel for free- t.me/GoldBitcoinSharing To follow the link, click on the globe icon on the next line
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Le informazioni ed i contenuti pubblicati non costituiscono in alcun modo una sollecitazione ad investire o ad operare nei mercati finanziari. Non sono inoltre fornite o supportate da TradingView. Maggiori dettagli nelle Condizioni d'uso.
Join my telegram channel for free- t.me/GoldBitcoinSharing To follow the link, click on the globe icon on the next line
Declinazione di responsabilità
Le informazioni ed i contenuti pubblicati non costituiscono in alcun modo una sollecitazione ad investire o ad operare nei mercati finanziari. Non sono inoltre fornite o supportate da TradingView. Maggiori dettagli nelle Condizioni d'uso.