Gold price retracement, target 3250?
As shown in the figure:
Gold price plummeted as expected. Although our short position failed to make a profit, we successfully avoided the risk of liquidation.
The increase in half a month reached an astonishing 500 points, and it fell back by nearly 200 points in less than two days.
However, from the overall structure, it is also a normal retracement point.
Obviously:
Strong support level: 3310-3320 (traders who have not changed their bullish thinking can use this area as a stop loss support level)
Strong pressure level: 3390-3400 (traders who hope to continue to be bearish can use this area as a stop loss pressure level)
I personally think: Without destroying the original bullish trend, the final expectation of this sharp decline will stay around 3250. After that, there will be a reversal and continue to return to the bullish trend.
Judging from the current trend.
I still maintain a bearish attitude.
My strategy:
Look for shorting opportunities in the 3380-3360 range, stop loss: 3390, target: 3320. If it can successfully break through 3320, the next target is 3250.
If it can smoothly fall back to the 3240-3260 range, I will regain my confidence in going long and continue to try the long idea.
As shown in the figure:
Gold price plummeted as expected. Although our short position failed to make a profit, we successfully avoided the risk of liquidation.
The increase in half a month reached an astonishing 500 points, and it fell back by nearly 200 points in less than two days.
However, from the overall structure, it is also a normal retracement point.
Obviously:
Strong support level: 3310-3320 (traders who have not changed their bullish thinking can use this area as a stop loss support level)
Strong pressure level: 3390-3400 (traders who hope to continue to be bearish can use this area as a stop loss pressure level)
I personally think: Without destroying the original bullish trend, the final expectation of this sharp decline will stay around 3250. After that, there will be a reversal and continue to return to the bullish trend.
Judging from the current trend.
I still maintain a bearish attitude.
My strategy:
Look for shorting opportunities in the 3380-3360 range, stop loss: 3390, target: 3320. If it can successfully break through 3320, the next target is 3250.
If it can smoothly fall back to the 3240-3260 range, I will regain my confidence in going long and continue to try the long idea.
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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.