Gold has broken below its rising trend line, entering a correction phase. After breaking below 4000 points, it has experienced a waterfall-like decline, forming a double top.
Our short positions entered below 4050 have all yielded good returns, in line with our recent short-selling expectations. The main reason for tonight's sharp drop is profit-taking at high levels, coupled with the easing of Middle East relations. Since gold has fallen below 4000 points, a continued downward correction to test 3900 is highly likely in the short term.
Operation strategy: Continue to enter short positions at 3977 (the position of the previous rising top and bottom conversion), target 3944.
Resistance levels: 3977, 3986, 4000
Support levels: 3944, 3930, 3900
For specific trading decisions, please follow my real-time updates. I update my trading ideas and strategies daily. If you don’t have a plan or idea about gold trading and cannot achieve sustained and stable profits, you can refer to and follow my updated content as a reference and guidance to help you avoid mistakes.
Our short positions entered below 4050 have all yielded good returns, in line with our recent short-selling expectations. The main reason for tonight's sharp drop is profit-taking at high levels, coupled with the easing of Middle East relations. Since gold has fallen below 4000 points, a continued downward correction to test 3900 is highly likely in the short term.
Operation strategy: Continue to enter short positions at 3977 (the position of the previous rising top and bottom conversion), target 3944.
Resistance levels: 3977, 3986, 4000
Support levels: 3944, 3930, 3900
For specific trading decisions, please follow my real-time updates. I update my trading ideas and strategies daily. If you don’t have a plan or idea about gold trading and cannot achieve sustained and stable profits, you can refer to and follow my updated content as a reference and guidance to help you avoid mistakes.
Trade active
If you don't have a plan or strategy for gold trading and are struggling to achieve consistent profits, you can refer to and follow my updates for guidance and help you avoid mistakes.Trade closed: target reached
Gold is currently testing the resistance at 3977, wait patiently for the market to fall
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The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Join my telegram channel for free- t.me/GoldBitcoinSharing To follow the link, click on the globe icon on the next line
Related publications
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.