Gold fell below 2400 as expected, continue to short gold

Yesterday and today I have been emphasizing that gold will point its sword at the 2395-2390 area, and 2390 is coming. Unexpectedly, gold fell more than expected, touching around 2382. We shorted gold today near the 2418 and 2413 positions, hitting TP: 2407 and 2401 respectively. The profit in these two transactions was more than $11K, which is a pretty good trading result. After gold fell back, we currently hold a long position in gold near 2387 and set a small TP: 2395. We hope that gold will rebound and hit TP again.

At present, gold has formed a large negative line and fell below the wedge structure. It has not even been able to hold the 2390 position and break through important short-term support. Short momentum is strong. Although gold has been supported near the 2380 position and has rebounded, the overall rebound strength is still relatively lacking, so I think there are no conditions for a big rise for the time being. This is why I only set the TP of the long position at 2395. Then, gold may not see a retaliatory rebound in the future, and may digest the sharp decline with shocks.

So in terms of trading next, I will wait for gold to hit TP: 2395, and then wait for gold to rebound before shorting gold. In the short term, the upper side will focus on the resistance in the 2405-2410 area. The Federal Reserve will release the minutes of its monetary policy meeting later, which may affect the short-term gold trend, and we also need to pay close attention to it.

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Gold is currently oscillating in the 2395-2390 area, but relatively speaking, gold's rebound is weak, and the bullish power does not support the rise of gold.

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At present, the short momentum of gold is slowing down and the bull momentum is weak, causing gold to be weak and volatile. There should be some room for gold to rebound. Let’s first focus on the resistance in the 2405-2410 area

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The Federal Reserve will release the minutes of its monetary policy meeting later, and there may be opportunities for gold to rebound in the short term.

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Add a position to go long gold near the 2379-2378 position

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Gold rebounded above 2379 again, and our long positions began to make some profits

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At present, gold has shown signs of stabilization. We are patiently waiting for gold to rebound.

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At present, we still have long positions near the 2378 position that have not been closed, but gold is still oscillating around the 2378 position. We hold it first and wait patiently for gold’s restorative rebound.

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Today we completed 3 transactions, namely short gold near the 2418 and 2413 positions, successfully hitting TP: 2407 and 2401, followed by long gold near the 2387 position, gold also hit TP: 2395 during the rally. Successfully made 14K profit in 3 trades. At present, we still hold long positions near the 2378 position. The lowest price of gold has fallen back to near the 2375 position. There are currently signs of stabilization in the short term, so we can still hold long positions.waiting for a restorative rebound in gold to give us the opportunity to make profits.

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Gold should still have some room to rebound in the short term to repair the sharp decline.

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In the short term, gold's signs of stabilization are quite obvious, and there should still be some room for gold to rebound. So we continue to hold the long position, and even if we are going to go short, we need to wait for gold to rebound before going short gold

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Wait for gold to rebound and pull up, close the long position after gold rebounds and pull up, and backhand short gold.