Gold's recent price action has been entirely in line with my bullish expectations, and we have made considerable profits from our recent long positions in gold. However, it is worth noting that we should not only focus on the opportunities but also ignore the risks. Under the current market structure, gold failed to hold above 4600 several times after its initial surge, indicating a lack of follow-through in its upward momentum.
In addition, from a technical perspective, gold appears to be maintaining an upward trend with fluctuations, but there are signs of a bearish flag pattern forming in the short term. Furthermore, as gold continues to rise, the selling pressure from previously trapped investors will increase, and gold is very likely to experience a pullback after a surge. Therefore, I do not recommend chasing gold prices at the moment. Instead of waiting for a pullback, we might consider looking for a suitable opportunity to short gold.
Short-term technical support: 4530-4510 / 4500-4480;
Short-term major resistance: 4600-4620 / 4630-4650
Therefore, if gold rebounds to the 4600-4620 area first, I will prioritize shorting gold.
In addition, from a technical perspective, gold appears to be maintaining an upward trend with fluctuations, but there are signs of a bearish flag pattern forming in the short term. Furthermore, as gold continues to rise, the selling pressure from previously trapped investors will increase, and gold is very likely to experience a pullback after a surge. Therefore, I do not recommend chasing gold prices at the moment. Instead of waiting for a pullback, we might consider looking for a suitable opportunity to short gold.
Short-term technical support: 4530-4510 / 4500-4480;
Short-term major resistance: 4600-4620 / 4630-4650
Therefore, if gold rebounds to the 4600-4620 area first, I will prioritize shorting gold.
トレード稼働中
I have executed my short-selling strategy as planned and intend to continue holding it, anticipating a pullback after the upward momentum in gold subsides. I think it shouldn't be too difficult for gold to pull back to the 4570-4550 area!ノート
Gold extended its gains to around 4665. Although gold is still maintaining its upward trend, there are signs of a short squeeze in the short term. Gold is likely nearing the end of its rebound in the short term, so I will continue to add to my short positions in gold around 4665.
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