Where will gold go after testing the 2000 level?
Dear friends, the U.S. dollar has been in a strong position recently, and judging from recent economic data, the U.S. economy is not that bad, and the market's expectations for interest rate cuts have once again decreased, causing gold to come under pressure. Gold has been falling all the way and shows no signs of turning back. Gold is currently trading near the 2004 level and will soon test the 2000 mark again.
From the perspective of the retracement principle, the decline in gold has far exceeded expectations. In theory, gold should rebound, but gold does not show any signs of rebound. Then we can confirm that the bullish pattern of gold has been destroyed, and the short energy now occupies an absolute dominant position. Therefore, we cannot easily operate against the trend in trading, otherwise it will become a bloody lesson in trading! However, the current 2000 position mark still has a certain supporting role, so we need to wait for gold to rebound before continuing to short gold. Currently, gold faces resistance in the 2018-2020 area and 2030-2032 area in the short term.
Therefore, in short-term trading, we cannot easily go long gold for the time being, but we cannot directly short gold at this position. We need to wait patiently for gold to rebound. After gold rebounds, we will consider starting to short gold. I share detailed trading ideas and trading strategies every day. The gears of destiny are turning. I hope that with my help, we can all make continuous profits in the market! And you can follow the channel at the bottom of the article to get detailed trading signals, trading lots, and TP and SL.
From the perspective of the retracement principle, the decline in gold has far exceeded expectations. In theory, gold should rebound, but gold does not show any signs of rebound. Then we can confirm that the bullish pattern of gold has been destroyed, and the short energy now occupies an absolute dominant position. Therefore, we cannot easily operate against the trend in trading, otherwise it will become a bloody lesson in trading! However, the current 2000 position mark still has a certain supporting role, so we need to wait for gold to rebound before continuing to short gold. Currently, gold faces resistance in the 2018-2020 area and 2030-2032 area in the short term.
Therefore, in short-term trading, we cannot easily go long gold for the time being, but we cannot directly short gold at this position. We need to wait patiently for gold to rebound. After gold rebounds, we will consider starting to short gold. I share detailed trading ideas and trading strategies every day. The gears of destiny are turning. I hope that with my help, we can all make continuous profits in the market! And you can follow the channel at the bottom of the article to get detailed trading signals, trading lots, and TP and SL.
Trade active:
Let’s first see if gold can rebound to the first resistance area 2018-2020 as expected.
Trade active:
In fact, for the current market, gold has been confirmed to be a short trend, but I don't think chasing short gold now is a good trading strategy.First, it is because it still needs to be verified whether the 2000 mark can be broken. Before falling below the 2000 mark, the 2000 position still has a certain supporting effect on the gold market; second, because the decline of gold has far exceeded expectations.It can be said that gold is currently in an oversold stage, so gold may experience a partial rebound. So I don't think it's a good trading strategy to continue chasing shorts now.
Trade active:
We need to be patient and wait for gold to rebound before I would consider shorting gold again. Facing the current extreme market, I would rather miss some small profits. First of all, I must ensure that my account will not be ruthlessly killed by the market.
Trade active:
Let us patiently wait for gold to rebound before considering shorting gold.
