I am not God, not worthy of everyone's possession, and I am definitely not the US dollar, nor do I intend to let everyone have it. Aging is a compulsory course in life, while becoming mature is just an elective. When everyone is low-key, I choose to be high-profile, but I will never go off key. The road of investment is definitely not one-way, if one road doesn't work, you can learn to turn. Time passes day by day, never forget the original intention of coming to the market on the first day. We are not here to find a wife, not to fall in love with the market, and do not treat Janet Yellen's words as a judge. We came here for profit and interests, and while some may drop out or go astray, the amount of profit earned is definitely related to the success rate of followers standing with the team. Whether you find a good team or a bad group depends on whether you treat investment as a career leader or as a leader of bad things. People are products of their environment, things are classified, and people are grouped. It is understandable to not catch it the first time, but if you fail to catch it two or three times, you should reflect. If you catch the wolf's tail every time, you may lose your life because of it.
At the beginning of this week, amid a significant increase in the US dollar index, non-US currencies as well as gold and silver hit their lows. Gold hit a low point at 1804 on Tuesday of this week and bounced back, with the highest closing price reaching around 1856 by Friday. The rebound was exactly $50.
Technical analysis: GOLD daily chart Based on the Fibonacci retracement of the drop from 1959 to 1804, the 38.2% level is near 1863, and the 60-day moving average is around 1855. The 1863 level is also a resistance point, indicating that there is resistance in the 1855-1860 range. Once the 38.2% level is broken, the price may reach the 30-day moving average at 1870. In this situation, it is not recommended to pursue long positions. GOLD is likely in a tail-end trend, and it may fall back after a day of increase next week or even directly.
GOLD 4-hour chart From the 4-hour chart, 1804 is clearly a wave of AB=CD trend. I have also drawn the final 100% target position of 1870, which is symmetrical to the analysis of the 60-day moving average position on the daily chart.
In addition, the 61.8% resistance level is currently at 1855, which is also the reason for the caution in pursuing long positions.
operating strategy Next week, it is recommended to sell short on rallies, and aggressive traders can enter the market at 1855-1863, while conservative traders can wait for 1870 to enter the market and sell short.
The bearish outlook for the current week expressed yesterday has gradually been realized, though not strictly following the expected trajectory, it is still in line with the overall directional strategy. Gold has already started declining, and traders who shorted at 1855 are now profiting. It is important to take profits when available as there may be a rebound due to support in the 1846-1845 range. It is recommended to set a take-profit order in the range of 1846-1845.Wait for the rebound to rush higher and go short again
Trade active
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Gold rebounded when it touched the support level of 1845. Yesterday, it was reminded that the strategy of taking profit in advance in the range of 1846-1845 is very correct. Now continue to wait for the opportunity to go short again
Trade closed: target reached
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Trade closed: target reached
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Gold's latest views and operating strategies have been updated (click on the image to read)
i bought at 1847 with 0.01 lot size and having a balance of around $68 in my account. Will i be able to get away with it or will get destroyed?
investmentMr-X
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@whitebird77, If you follow my thinking, if you buy short, you will make a profit, so don't be afraid. If it's the other way around, it's dangerous.
whitebird77
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yes is the other way, i open long at 1947 and now hoping for a miracle. In the meantime, i am looking for good entry point to enter a short for counter balance.
investmentMr-X
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@whitebird77, If you had discovered my point sooner, you probably wouldn't have done it. Now we can only see whether the support at 1830 can rebound as I expected, and you can consider stopping losses in time near 1845
whitebird77
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ok sir
whitebird77
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hi sir, gold broke the 1830 support and i just pumped in another $50 to increase my margin. I do not believe gold will drop to zero. Gold will forever up. So i will keep pumping money in.
investmentMr-X
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@whitebird77, I hope you can persevere. Gold's intraday decline is expected. The decline after Powell's speech is only emotional. Once the sentiment subsides, it is still possible to rise
whitebird77
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Hi sir, i think noy going to pump in money no more coz my broker account has yet to get verified, so the withdraw button is not available. They ask for bills, bank statements, driver licence. I have none under my name. And when i search for review about this broker called Dollars Markets Limited, the reviews are not very good. I feel added risk now. I am not afraid anymore, what are the crazy things i can do to the trades to turn things around? I am thinking of opening a very big sell position.
TradingShot
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You may be right. This can be the start of a whole new move.
investmentMr-X
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@TradingShot, This possibility is not small, and now gold has begun to fall. Anyway, pay attention