Watch for support at 3990-3980 to consider going long on gold.

4 days ago

#XAUUSD GOLD XAUUSD

Gold prices have repeatedly tested the 4030 level without a successful breakout. Gold has now begun to decline, with short-term bears gradually releasing their momentum. Further downside is expected, with support expected in the 3990-3980 range. If gold prices can pull back to this range in the short term, we can consider going long on gold in anticipation of a rebound. Target range: 4030-4050

3 days ago

Trade active

The market experienced sharp fluctuations in the short term due to Powell's hawkish remarks, initially rising sharply to around 4007 before gapping down. Frankly, the speed of this move was too rapid, so when the price fell to around 3963, we promptly closed our long positions to minimize capital loss.

The decline continued, testing a low near 3943. Fortunately, the gold price did not break through the important short-term support level of 3950-3940. As long as this support holds, gold may have the momentum for a short-term rebound. Therefore, I try to continue going long on gold, and to manually close their positions when the price rebounded to around 3972. Although we suffered some losses in the short term, compared to those in the market who suffered huge losses or even account blowouts due to a lack of proper planning, we were able to actively seek opportunities to recover our losses during market fluctuations. This gave us a head start in terms of trading mentality, and our relatively substantial profits in the afternoon provided a solid foundation for subsequent trading. Therefore, despite these rapid fluctuations, our overall trading still maintains a reasonable profit.