Yesterday, the safe haven of gold was upgraded again, and gold rose sharply again. Gold bulls were better off, and gold intraday bulls adjusted. Gold bulls were able to continue to rise and reach new highs, indicating that the strength of gold bulls has started to be very strong. Gold continued to fall more in the morning session.

The 1-hour moving average of gold finally starts to turn upwards. If the 1-hour moving average of gold forms a golden cross and spreads upwards, the long positions of gold may rise to another level; The two positions where gold hit bottom last night will form effective support today. The first one is the 3048 line, and gold will quickly rise after hitting bottom at 3048; If gold continues to rise around 3070 after a second retracement, then if it does not break through 3070, it will continue to have a strong bullish trend, and the upward momentum of gold bulls will be even stronger. If gold retraces to the 3048 line, it may begin to maintain a large range of fluctuations. If gold stabilizes around 3070 in the morning session, then it can buy more in the morning session. Of course, this depends on the strong bullish momentum of gold, so it needs to rise quickly. If the time drags on too long, the adjustment of gold may need to use time to buy space, and the strength of gold's rise will be greatly reduced. Therefore, we will restructure in the European session.

Since gold bulls have the upper hand, we should continue to follow the trend of bulls. With gold constantly upgrading its risk aversion, gold bulls may become even crazier.

Morning trading strategy:

Buy long gold 3070, stop loss 3060. Target 3100-3120;

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.