Gold surged to 2924, blocked and plummeting again!
Yesterday, as expected, gold rose and fell twice in a row at 2904 and 2906. However, it broke through and strengthened again in early trading, and the price is currently trading around 2915.
In response to this market trend, first of all, from the weekly chart, there is a clear shooting star pattern at the top, and the bearish sentiment has not changed this week.
Secondly, today is the second solar term of the twenty-four solar terms, and I believe there will be severe fluctuations in the market.
In terms of the 4-hour chart, if it can rise and fall at 2924 today, the downward trend is expected to extend further to the 161.8% level, which is around 2848. This is also the support for the upward trend of the 4-hour chart.
So, in terms of operation, last Friday's gold price of 2940 was still set at break even loss and remained stable. Today, it is recommended to continue to increase positions and short sell by hanging 2924. The target is to look below around 2850, and to fall back by around 2848, a short long is enough!!!
(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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