Gold daily high cross star, rebound in early trading and continue short selling!
Gold continued to close at a high on the daily chart yesterday, will it experience a reversal? Gold is currently experiencing a wide range of fluctuations, so it depends on the final decision. After the Golden Cross, it will either break through upwards or change direction downwards, and then follow suit.
The 1-hour moving average of gold is starting to level out. If the 1-hour moving average of gold turns downwards, the bullish momentum of gold will weaken. Moreover, it appears that the 1-hour gold market has already formed a head and shoulder top pattern. In the morning, gold was under pressure from the 3057 line high and continued to be short. If gold breaks through 3057 strongly, then gold bulls may experience another wave of upward movement, and then follow up with a pullback and go long. In the morning session, 3057 was under pressure and was short. Let's take a look at the construction of the short-term head shoulder top structure.
The market is changing rapidly, and gold has reached a critical moment. After the cross star, will gold eventually break through downwards or upwards? We'll wait and see.
Morning trading strategy:
Gold 3052 short, stop loss 3062. Target 3030-3020;
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