Gold continued its downward trend, hitting a low near 3886, and has now rebounded slightly and stood above 3910 again. Obviously, the current rebound is far from enough to reverse the trend, so the rebound will only reveal another opportunity to short gold! So where is the next suitable short entry point? I think it should be the issue that everyone is most concerned about!
Judging from the current rebound strength, gold is still a weak rebound, and the rebound space is expected to be limited. Therefore, according to the current market conditions, we should not have too high expectations for the rebound. Based on the current structural pattern, the current dividing line resistance area is located in the horizontal line area near 3945-3955; and according to the structural area division, the current short-term resistance is located in the 3960-3975 area, and secondly in the 4015-4025 area. But it is clear that according to the current market sentiment and conditions, it will be difficult to reach the heights of 4015-4025 area in the short term.
Based on the above resistance areas and the strong bearish sentiment in the market, I still advocate shorting gold after it rebounds, and first consider shorting gold in the area around 3950-3960.
Judging from the current rebound strength, gold is still a weak rebound, and the rebound space is expected to be limited. Therefore, according to the current market conditions, we should not have too high expectations for the rebound. Based on the current structural pattern, the current dividing line resistance area is located in the horizontal line area near 3945-3955; and according to the structural area division, the current short-term resistance is located in the 3960-3975 area, and secondly in the 4015-4025 area. But it is clear that according to the current market sentiment and conditions, it will be difficult to reach the heights of 4015-4025 area in the short term.
Based on the above resistance areas and the strong bearish sentiment in the market, I still advocate shorting gold after it rebounds, and first consider shorting gold in the area around 3950-3960.
Trade active
Gold is expected to form an ascending triangle structure in the short term. If gold fails to reach the expected short entry area of 3950-3960, we can try to go long on gold in the 3915-3905 area!
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⭐️Cycles, structure, psychology & smart money footprints.
💎Learn to trade smart, not emotional.
🌐Join my Telegram group:t.me/Bear_Bull_Arena
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.
✅I share real-time insights, entry zones & trading logic
⭐️Cycles, structure, psychology & smart money footprints.
💎Learn to trade smart, not emotional.
🌐Join my Telegram group:t.me/Bear_Bull_Arena
⭐️Cycles, structure, psychology & smart money footprints.
💎Learn to trade smart, not emotional.
🌐Join my Telegram group:t.me/Bear_Bull_Arena
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.