Gold breaks through the strong upward trend and continues to decline in early trading!
Gold opened in the morning and rose directly, breaking through strongly and reaching a new high. Gold bulls continued to exert their strength, and the adjustment of gold ended. Gold bulls continued to rise steadily, and the morning decline continued to be more significant.
The 1-hour moving average of gold continues to follow the bullish trend of the golden cross. Gold rose directly in the morning session, breaking through the short-term downward trend. At the same time, gold continued to rise, directly breaking through the previous high point of 3357. Therefore, the short-term support for gold at 3357 has been formed. Gold fell back to 3357 in the morning session and continued to buy on dips. However, it should be noted that if gold continues to rise sharply, and falls below 3357 again, the magnitude of gold adjustment may need to increase.
Under the recent stimulus of safe haven, gold has been rising wildly. In this emotional market, we can only follow suit, because gold keeps hitting new highs and no one knows where it will rise. However, we should not easily chase after high highs. After the volatility increases, the magnitude of each pullback is not small. Opportunities are waiting.
Morning trading strategy:
Buy long for gold 3357, stop loss 3347, target 3385-3400;
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.
Tips：This page came from Internet, which is not standing for FXCUE opinions of this website.
Statement：Contact us if the content violates the law or your rights