Gold, after intense market washing, continue to layout short selling!
On Wednesday, influenced by US CPI data and testimony from Federal Reserve Chairman Powell, gold rapidly fell to 2863 before skyrocketing, and as of now, the market is once again approaching its previous high. However, we had previously closed all short positions after breaking through the 28th and 1990s, and after intense turbulence, we avoided risks on Thursday and did not open positions.
From the golden daily chart, it can be seen that the roller coaster market on Tuesday and Wednesday forms a "rolling line" pattern, which indicates that the main force is washing up the market, and appearing at the top is often a signal of reaching the top.
In the morning session, after the bulls made their final push, they are clearly showing signs of fatigue. It is feared that the high point of 2934 or even 2930 in the morning session may not be acceptable. Of course, if the market continues to experience a sharp reversal, it is not ruled out that it may quickly rise again near the high point of this round.
So, in terms of operation, there are two options. One is to suggest setting a loss at the morning high of 2834 and selling directly; Secondly, set a loss and sell short at a new high of 2943, with the target level continuing to see a sharp decline!!!
(Investment carries risks, caution is required when entering the market; the above suggestions are for reference only, and profits and losses will be borne by the operator based on this.)
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