Will gold come back? What to do with our short position?
Dear friends, gold fell into a volatile market again after touching around 2198 during the day. During the decline, it only touched as low as around 2184 before rebounding again. The current trend of gold looks very strong. Will gold still fall?
In fact, we need to pay attention to one detail. Gold fell back immediately after touching the 2198 position. The body of the candle chart still closed below 2195, once again showing a long upper shadow line, so the pressure above is still relatively obvious. Well, gold is currently showing a shock rebound pattern at a small level, but I think gold cannot even break through the 2195 position during the small level rebound. Of course, if gold needs to set up a trap to tempt gold bulls, gold may break through 2195 and then fall back quickly, showing an upper shadow line on the candle chart, so I don't expect the highest to break through 2198 at this stage. In addition, gold only touched around the 2184 position during the decline. I think the gold's step back is not in place, so gold still needs to continue to step back. I think it will at least test around the 2180 position again.
So I think there is still demand for gold to continue to adjust. Of course, we still hold a short position in gold and are still making good profits overall. If you follow my trading strategy, I believe you will also have good profits like me. We can continue to hold it and wait for gold's deep correction, so that our profits will be better!
I will share detailed trading ideas and trading signals every day to help everyone grasp the rhythm of market trading. If you are currently losing money, I am confident that I can help you turn losses into profits in a short period of time; if you are currently making profits, I am more capable of helping you increase profits. If you want to seize more trading opportunities and profits, you can follow the channel at the bottom of the article to get detailed trading signals and trading strategies in the first time.
In fact, we need to pay attention to one detail. Gold fell back immediately after touching the 2198 position. The body of the candle chart still closed below 2195, once again showing a long upper shadow line, so the pressure above is still relatively obvious. Well, gold is currently showing a shock rebound pattern at a small level, but I think gold cannot even break through the 2195 position during the small level rebound. Of course, if gold needs to set up a trap to tempt gold bulls, gold may break through 2195 and then fall back quickly, showing an upper shadow line on the candle chart, so I don't expect the highest to break through 2198 at this stage. In addition, gold only touched around the 2184 position during the decline. I think the gold's step back is not in place, so gold still needs to continue to step back. I think it will at least test around the 2180 position again.
So I think there is still demand for gold to continue to adjust. Of course, we still hold a short position in gold and are still making good profits overall. If you follow my trading strategy, I believe you will also have good profits like me. We can continue to hold it and wait for gold's deep correction, so that our profits will be better!
I will share detailed trading ideas and trading signals every day to help everyone grasp the rhythm of market trading. If you are currently losing money, I am confident that I can help you turn losses into profits in a short period of time; if you are currently making profits, I am more capable of helping you increase profits. If you want to seize more trading opportunities and profits, you can follow the channel at the bottom of the article to get detailed trading signals and trading strategies in the first time.
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Do you think gold will pull back?
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I think gold will continue to push back to reaffirm its support
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Gold has never been able to break through the 2195 position in the short-term rebound. Once gold consumes too much kinetic energy, gold will turn around and fall.
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Although gold has not fallen yet, it has never been able to break through the 2195 position, which is good news for our short positions. I still hold a short position, but as gold rises, the short-term support moves up, so I set the first TP to 2184 and the second TP to 2180
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If gold stops in the 2195-2200 area, gold will continue to fall.
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Gold's rise once again encounters resistance, increasing the strength of gold's callback signal
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If gold still fails to stand above 2195, then gold will step back to confirm support.
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The short energy of gold has not been fully released, and there is a possibility of further correction of gold.
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Gold fell sharply as expected
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If gold cannot break through the 2910-2912 area, it is a signal for gold to confirm a correction.
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There must be a need to step back before gold rises, and the short-term support below is in the 2184-2182 area
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The strengthening of the US dollar has put gold under pressure to a certain extent. Gold has repeatedly hit 2200 and failed to surpass it. There is a demand for a retracement in the short term.
