After falling back to confirm support, and go long gold

Dear friends, gold hit its highest level near 2288 and then fell back. It is currently trading near 2271. Gold is currently showing an irrational market. On the one hand, due to the situation in the Middle East and the expansion of the conflict between Russia and Ukraine, safe-haven assets have been rushing into the market. On the other hand, silver and oil have made up for the gains, boosting the rise of gold.

Judging from the current gold trend pattern, gold breaks through new highs every time, then pulls back to determine support, and then climbs upward again to set a new high. In other words, during the rise, it is accompanied by corrections that sweep away space. However, according to the current trend,gold remains on a strong upward trend.

For current trading, due to the irrational market, technical analysis is lagging behind, and market sense and flexibility have become the most important. At present, for gold, I think there are profit opportunities for long gold or short gold. The key is to grasp the trading rhythm. First, the current short-term support is located in the 2268-2266 area, and secondly, it is located in the 2260-2258 area. Therefore, in short-term trading, we can do long gold in batches around these two areas. The top currently reaches the highest level near 2288, and is facing psychological pressure from the 2300 integer mark. Therefore, in the short term, we can short gold in batches in the 2290-2300 area and make mid- and long-term plans.

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Trade active:

Above the 2260 position, gold will continue to be bullish. First, the current short-term support is located in the 2268-2266 area, and secondly, it is located in the 2260-2258 area. Therefore, in short-term trading, we can do long gold in batches around these two areas.

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Although gold is correcting in the short term, it is currently supported by the 2268-2266 area. If gold temporarily holds the support, it still maintains a bullish pattern.

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The published value of ADP employment is 184k, which is much higher than market expectations and the previous value. This data is not a small negative for gold. Gold should still have the possibility of inertia decline.

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Under the influence of the negative ADP data, gold hit its lowest level near 2265.5 and still did not fall below the 2265-2260 area. Gold buying support is still relatively strong. At present, gold has rebounded to near the 2274 position again. For the time being, I do not intend to rush to participate in the transaction. I will first observe the performance of gold at the 2276 position. If gold strongly breaks through the 2276 position, then gold may touch the 2288-2290 area again. However, if gold cannot break through the 2276 position strongly, or even consumes too much upward momentum in this area, then gold will once again step back to confirm support.

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Gold is confirmed to be supported by the 2265-2260 area, and gold will continue to rise.

Trade active:

Gold's upward kinetic energy still has the upper hand. The current market sentiment does not allow a deep correction of gold, so we plan to go long gold in the 2273-2270 area.

Trade active:

Wait for gold to fall back and go long gold