Gold bulls are powerless, short selling at high prices
The 1-hour moving average of gold begins to turn downwards and the bearish arrangement diverges. If a dead cross forms downwards, the downward space of gold will be further opened up. There is a double top suppression in front of gold, and the rebound of gold is still under pressure from the moving average suppression, which has not been able to break through. Gold bulls are not strong, and the resistance of the moving average is around 2906. Yesterday's rebound high was also around 2906, and gold continued to short sell at high prices after rebounding at 2906 in the morning session.
The market is constantly changing, and since gold bulls are unable to turn the tide, they should continue to short sell at high prices. A rebound is an opportunity to give up.
Morning trading strategy:
Short selling gold 2905, stop loss 2915, target 2880-2870;
Disclaimer: The above is purely a personal opinion sharing and does not constitute operational advice. Investment carries risks, and profits and losses are borne by oneself.
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