Gold is currently consolidating in a narrow trading range again. While the short-term rebound is indeed good, it lacks strength. As long as gold fails to recover to 4650, the gold market has not yet fully reversed its trend. Moreover, gold failed to effectively stand above 4600 multiple times during the rebound, which may have dealt another blow to the market sentiment and confidence that had just begun to recover. In addition, USOIL is gradually recovering after a significant correction, which will continue to put downward pressure on gold to some extent.
From a structural perspective, gold has been rejected multiple times around 4600. If gold forms a double top pattern in this area, then a new round of downtrend in gold will be confirmed.
Gold may face downward pressure and continue its pullback in the short term:
Short-term technical support: 4540-4520 / 4500-4480;
Short-term major resistance: 4580-4600 / 4630-4650
Therefore, in the short term, it is advisable to consider shorting gold in the 4580-4600 area, taking advantage of the resistance; after the pullback, look for a more suitable area for long positions in this range.
From a structural perspective, gold has been rejected multiple times around 4600. If gold forms a double top pattern in this area, then a new round of downtrend in gold will be confirmed.
Gold may face downward pressure and continue its pullback in the short term:
Short-term technical support: 4540-4520 / 4500-4480;
Short-term major resistance: 4580-4600 / 4630-4650
Therefore, in the short term, it is advisable to consider shorting gold in the 4580-4600 area, taking advantage of the resistance; after the pullback, look for a more suitable area for long positions in this range.
交易开始
As expected, gold prices fell sharply, dropping below $5,000 at the lowest point, proving our short-selling strategy to be effective. Did you follow the plan and short gold?交易结束：到达目标
The logic of short selling has once again been validated by the market, which, as expected, retested the 4500-4480 range. That short-selling vehicle made us a fortune! Since gold has chosen to move downwards, the support at 4500 may be very weak, and it will continue to test the 4450-4430 area.
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