Gold bulls remain strong and continue to fall in early trading!
The bullish momentum of gold is like a rainbow, constantly breaking new highs. Whether to fall or continue to go long is the main strategy. During the upward trend of gold, the retracement amplitude is very small, indicating that the bullish strength of gold is still relatively sufficient. Therefore, it is highly likely that gold will continue to accelerate its upward trend.
The 1-hour moving average of gold is still in a bullish pattern with an upward cross, still diverging upwards and showing no signs of turning. Therefore, the bullish momentum of gold is still strong. The previous high of 3005 has formed effective support, and in the morning, it fell back to 3005 and continued to buy on dips; The support of the gold moving average has moved up to the first line around 3009. If it is strong in the early session, then it can rise again near 3015.
The market is constantly changing, and tonight in the second half of the night, the Federal Reserve's interest rate decision will be announced. Gold will once again be surging, and we will wait and see if it can rise to the next level.
Morning trading strategy:
Gold 3015 buy long, stop loss 3005. Target 3035-3050;
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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