Gold, it won't fall today

2024-12-31 1535

Today is the last trading day of 2024, and I won't overly promote the annual chart here because it doesn't have any trading guidance or signals. I just say that it has a certain representativeness, indicating that gold has risen by 20% in 2024. Otherwise, what else is there to use? So don't be too concerned about the final closing price, it still depends on how 2608 recovers and whether the market can move out of a V-shaped reversal. After all, breaking through 2600 doesn't have too much follow-up decline, so it is necessary to continue to defend.

Yesterday I said that breaking below the level of 2608, not to mention the integer 2600, has indeed entered the bearish phase of the market.

But the market always sticks to the edge of your definition and tries to probe back and forth, which is awkward. At least you can widen this distance! Last night, the drop was only $30, which did not meet the standard for a regular sharp decline. Secondly, there was no further decline in the morning session today, causing gold to recover above 2600 points. I know it has not recovered yet in 2008, but the problem is, after recovering, can it still be bearish? 2610 is the low point of the first wave of 40% decline in the market, and it can also be regarded as the current top bottom transition level. If even this point is taken back, this break is meaningless.

Relatively speaking, going long and following the rise would be the most suitable choice, so last night's 08 break cannot define the trend. If the market does not break a certain position, what will happen will depend on its performance at that time and the final ending. Otherwise, the wealth code is too easy to grasp. Although the yellow gold now looks weak and the price does not have a clear rebound ability, the early session of 2611 seems quite strong, but it quickly retreated. What can be done is to take the previous low point of 2695 and make a pullback bullish call.

Knowing the retreat position, then the entry position depends on yourself. Is it 2605? Or is it lower? For me, it doesn't make a difference. My average price is already at 2623, but all I need to consider is whether to add more positions. Yesterday, the starting point for the decline was 2628, so if I short at this stage, it is easy to encounter a V-shaped rebound risk. Remember, the price has broken the level, but the trend has not extended. The most likely horizontal market to occur is a false break. I have already made a good example of the horizontal market between 2620 and 2650 last time, and I personally did it. I really don't want to waste any more words. Just buy long until I see 2640 points or even higher above. My short-term goal is to end at 30.

Don't dream of lower gold prices in 2025.

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