Short term gold is expected to adjust to 2665 and short sell

2025-01-03 1183

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Gold, after yesterday's opening, continued to rise all the way, and the breakthrough in the European market directly led to a second upward trend in the US market, reaching a high near 2664 in the morning. The daily chart also closed in the form of a large bullish line that was almost bald. Continuing the morning rise requires the second support of the European market, and once the European market continues to break through the high, the US market has the possibility of continuing. We can refer to yesterday's trend for this point. Since the 2595 retracement, the current retracement has reached about 70 points, and the opening and falling points above may remain at the 2665 line, which is also an important watershed point for the European market during the day. Once the European market strengthens, If we continue to break through this position, as the name suggests, the retracement of the US stock market will continue to increase, while the support below will remain at the low point of 2650 in the early morning, It is also very likely to touch the previous top bottom transition line of 2640, and yesterday's upward starting point is also located near this position. Currently, the hourly line is still in a strong upward trend, the channel is perfect, and the daily line is also breaking through the big bullish line. The short-term moving average also intends to turn upwards to form a golden cross, and the weekly system has also broken through the suppression of the short-term moving average. Overall, the short-term trend is still in a bullish form, but if it continues to rise, it will need some adjustment. Gold is also likely to fall and then rise during the day. Therefore, it is advisable to reverse and short around 2664-65, with a target around 2650-42 and a stop loss of 2671.5

[Friday Operation]: Gold will first reverse draw around 2664-65 for short selling, with a target around 2650-45 and a stop loss of 2671.5.

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