Gold fluctuates, early rebound is short selling
The 1-hour moving average of gold has started to turn again. Gold bulls have repeatedly risen and fallen, so they do not have the confidence to directly rise and break through. The high points of gold rebound are gradually decreasing. Recently, gold has been rising and falling above 2920, which has become an important barrier for gold long and short positions. Gold has been under pressure in the morning, and 2920 continues to hit high levels. Gold rebounds around 2915 and can continue to remain empty for now.
The market is constantly changing, and since gold bulls lack confidence in breaking through and have not made a breakthrough despite the support of safe haven news, it seems that gold rebounds every time, but it is not strong. Gold bears also give a heavy blow to gold bulls every time they counterattack. Recently, there have been multiple ups and downs, followed by multiple falls below 2900. This indicates that there is still great potential for gold bears.
Today is off farm, whether the recent large range volatility of gold can break through depends on this. If gold breaks through the range volatility after off farm, then it will follow suit and the early rebound of gold will be bearish.
Morning trading strategy:
Sell gold 2915 short, stop loss 2925. Target 2890-2880;
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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