Gold opened higher today, then retreated after hitting resistance at 3975. This trend mirrors recent trends: every rally is followed by a pullback. Even after breaking through resistance, the surge wasn't as strong as before, and the price has since fluctuated at a high level. This indicates that the current price is close to the market's target, in line with market expectations.
The recent rally was driven by news, and this seven-week rally hasn't seen a significant pullback. The risk of chasing the gains outweighs the reward, so we're primarily shorting at high levels.
The short positions we entered at 3962 and 3974 have been closed with profit taking near 3960. We will keep an eye on the pressure at 3975 above and will choose the right time to act depending on the breakthrough situation.
Resistance levels: 3975, 3995
Support levels: 3930, 3900
For specific trading decisions, please follow my live updates. I update my trading ideas and strategies daily. If you don't have a plan or strategy for gold trading and can't achieve consistent and stable profits, you can refer to and follow my updates for guidance and help avoid mistakes.
The recent rally was driven by news, and this seven-week rally hasn't seen a significant pullback. The risk of chasing the gains outweighs the reward, so we're primarily shorting at high levels.
The short positions we entered at 3962 and 3974 have been closed with profit taking near 3960. We will keep an eye on the pressure at 3975 above and will choose the right time to act depending on the breakthrough situation.
Resistance levels: 3975, 3995
Support levels: 3930, 3900
For specific trading decisions, please follow my live updates. I update my trading ideas and strategies daily. If you don't have a plan or strategy for gold trading and can't achieve consistent and stable profits, you can refer to and follow my updates for guidance and help avoid mistakes.
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In this market, whether you are going long or short, there are opportunities to make profits. If you are trapped or feel confused about gold trading and have no stable profits, you can follow my updates.Trade closed: target reached
If you don't have a plan or clue about gold trading and can't achieve consistent and stable profits, you can follow my updates as a reference and guide to help you avoid mistakes.
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Join my telegram channel for free- t.me/GoldBitcoinSharing Want receive more profitable signals for Crypto & Forex market, write me
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.