Following the previous trading strategy, we successfully shorted gold around 4762, hitting the target of TP: 4730. After successfully locking in profits, gold continued its downward trend and has now retraced to around 4705.
This short-term pullback in gold does not necessarily indicate the end of the bullish trend. Conversely, because gold's short-term trend is relatively strong and there are currently no clear signs of a top, I believe that the short-term pullback in gold is due to profit-taking, and it is a healthy pullback. With increased liquidity, it is expected to continue rising and attempt to reach the 4780-4800 area. As gold prices gradually rise, the current short-term support has moved up to the 4720-4700 area. If gold holds this support area during the pullback, it may test the 4780-4800 area, or even the 4820-4840 area.
Short-term technical support levels: 4720-4700 / 4680-4660
Short-term technical resistance levels: 4760-4780 / 4820-4840
For short-term trading, I still maintain my strategy of buying gold in the 4725-4705 range.
This short-term pullback in gold does not necessarily indicate the end of the bullish trend. Conversely, because gold's short-term trend is relatively strong and there are currently no clear signs of a top, I believe that the short-term pullback in gold is due to profit-taking, and it is a healthy pullback. With increased liquidity, it is expected to continue rising and attempt to reach the 4780-4800 area. As gold prices gradually rise, the current short-term support has moved up to the 4720-4700 area. If gold holds this support area during the pullback, it may test the 4780-4800 area, or even the 4820-4840 area.
Short-term technical support levels: 4720-4700 / 4680-4660
Short-term technical resistance levels: 4760-4780 / 4820-4840
For short-term trading, I still maintain my strategy of buying gold in the 4725-4705 range.
Trade ist aktiv
I currently maintain a long position in gold, with entry prices around 4712 and 4699. Clearly, I am sticking to this long position and expect gold to rebound above 4730.Trade geschlossen: Ziel wurde erreicht
🙋♂️Good news: Although gold prices retraced to around 4682 overnight, they remained above 4680. Furthermore, if gold truly begins to weaken, it still lacks a right shoulder structure in the short-term chart, suggesting that gold may continue to rise in the short term. This is why I maintained my buy recommendation for gold overnight. As planned, I started to go long on gold around 4712, and then added to my position around 4700 and 4687 during the pullback. However, for trading security, I changed the TP from 4730 to 4715. Gold has just rebounded to a high of 4732, which has hit my TP. Although this transaction was arduous and the outcome wasn't great, I still ended up making a profit. I am satisfied with this result.💯Now it's time to go back to sleep and recharge for the next trading challenge!❤️
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