Gold fell in early trading and continues to buy more!
Gold started to fall at the 3245 level, and it began to fluctuate. This is also what we have always said about gold starting to fluctuate and adjust. Now it depends on whether gold starts to adjust by trading space for time or time for space. However, regardless of which method is used, gold must patiently wait for the opportunity to fall and adjust.
The 1-hour moving average of gold is still in a bullish pattern with a bullish cross. Now, the price is gradually approaching the moving average to reduce divergence. However, the bullish trend of gold has not changed for the time being. Please be patient and wait for the opportunity to adjust. If gold uses space for time adjustment, then it is still necessary to continue to pay attention to the support near the previous low point of 3185, and the moving average support has also moved up to the line near 3177. Overall, gold may form strong support near 3180. If gold adjusts by trading time for space, then gold will continue to resist decline at a high level, and gold may start to exert strong momentum in the European and American markets. So, it is better to continue to follow suit at that time.
The market is constantly changing. Although gold has made some adjustments and opened low in the morning, it does not mean that the bullish trend of gold has changed. Based on the current strength, the bullish trend of gold is still strong, and the main trend in the morning is still to fall back.
Morning trading strategy:
Gold 3185 buy long, stop loss 3175. Target 3240-3250;
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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