Gold falls below trend line, 2675 goes short with a backhand
Gold has been running above the 4-hour moving average before, so it's not a problem to be bullish or bullish. However, last night the gold price fell below the 4-hour cycle 20 and 30 moving averages, which indicates that the gold rally has ended, so we chose to go high. The gold price fell below the moving average and trend line, rebounded and touched the 20 moving average 2675. This is the best position for us to short.
Last night, gold plummeted by $30, falling below the moving average and causing a change in its trend, which is not unrelated to this news. Sources have revealed that there has been a breakthrough in the Gaza ceasefire negotiations, which has directly cooled down investors' risk aversion, and it is reasonable for gold to plummet.
So we must follow the trend, follow the trend. It has always been emphasized that switching between long and short positions is instantaneous, and once this point is broken, there is no need to linger too much. Trading requires this kind of emotional connection, and if the direction changes, the position direction must be adjusted, even if the order is still at a loss.
So are you ready to sell short?
Trading strategy: Short sell gold at 2675, stop loss at 2685, target at 2650
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