As expected, gold gradually retreated after touching the 5175-5195 area. Our initial short position hit the TP: 5150 due to the pullback, thus successfully locking in 300 pips of profit in the short-term trade. Gold is currently continuing its pullback, and as expected, after breaking below the 5130-5120 area, it is now testing the 5100 level.
However, we can clearly observe that as gold continued to pull back and approached the 5100 mark again, the downward momentum relatively subsided, proving that gold was encountering some resistance during the decline. Of course, some funds also entered the market as gold prices retreated, resulting in a tug-of-war between the bears and the bulls. Although the bears currently have the upper hand, the bulls have also shown some resilience. The 5110-5090 area has strong technical support, and the battle to defend 5100 may revolve around this area. Gold may not fall directly below the 5100-5090 support level in the short term, and there may be some room for a rebound after touching the support in this area.
Therefore, in short-term trading, we can try buying gold in the 5110-5090 range. The rebound expectation shouldn't be too high; 5125-5135 is sufficient.
However, we can clearly observe that as gold continued to pull back and approached the 5100 mark again, the downward momentum relatively subsided, proving that gold was encountering some resistance during the decline. Of course, some funds also entered the market as gold prices retreated, resulting in a tug-of-war between the bears and the bulls. Although the bears currently have the upper hand, the bulls have also shown some resilience. The 5110-5090 area has strong technical support, and the battle to defend 5100 may revolve around this area. Gold may not fall directly below the 5100-5090 support level in the short term, and there may be some room for a rebound after touching the support in this area.
Therefore, in short-term trading, we can try buying gold in the 5110-5090 range. The rebound expectation shouldn't be too high; 5125-5135 is sufficient.
Trade ist aktiv
Gold reached the 5110-5090 area as expected. Although gold maintains a downward trend in the short term, I believe that gold may still rebound locally before breaking through the 5110-5090 support area, and may even reach the 5125-5135 area. I have just bought gold as planned, let's see if gold can hit TP again as expected.Trade geschlossen: Stop wurde erreicht
My dears, the gold and USOIL markets are currently closed. Unfortunately, USOIL did not reach my ideal entry area, and even more unfortunately, we went long on gold around 5100, but it fell below 5090, so we had to manually stop the loss after it broke below 5090. I was planning to continue going long on gold around 5060, but to avoid insufficient upside potential, I decided against it.
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