Gold, the next stop is $2745!
On Monday, the gold price perfectly demonstrated that a sharp drop in the morning session was not a good thing. If Europe breaks through the top and the United States rises, the gold price quickly fell from around 2702 to a low of 2688-90 in the morning. Although the seemingly rapid decline was affected by the impact of Trump's inauguration and was sold off, it was actually a false fall and a trap, especially when I wrote the blog post yesterday, the rebound had already broken through the starting point of 2702.
After a sharp drop, the second rebound hit the starting and falling points, and the original starting and falling points formed a top bottom transition, making it an excellent position for many investors. The price range of $2703-05 was given multiple opportunities to enter the market throughout the European market, which continued until the end of the US market. Due to the impact of the commemorative day, the fluctuation of the market was delayed until this morning, and finally reached the price range of $2725-30.
As shown in the picture, after the rapid rise this morning, this approach is actually not easy to follow. The downside is that the continuity of the European market in the morning is often poor, especially before the US market, there is usually a rapid flash crash and decline, followed by a second upward trend. The continuity of the upward momentum needs to be discussed. After the gold price reaches around $2727-30, my view is to wait and see, and the ideal position after the decline is at the level of 2714-16. However, the distance here is a bit far and may not be given. If we don't give the opportunity, we will wait until the European market continues to rise and the US market quickly falls before getting on the road.
Today, don't rush to chase after the bulls, especially in the morning's uptrend, be cautious of a rebound in the European market. Today, focus on the support at $2714-16, and yesterday's multi target of $2725-30 at $2703-05 has been reached. After it comes out, wait for the support to fall before entering, or wait for a rapid pullback before the US market before considering doing it. The next stop is to pay attention to the 2735-40-45 line.
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