Richard-Wagner

Gold 99-00 short; range shock short

Short
FX:XAUUSD   Gold Spot / U.S. Dollar
Gold rose steadily during the day. Before the US market, the highest reached around 04 and then began to retreat, and the lowest fell again to around 89 to stop. The short-term retracement is also a continuation of the previous downward channel, which is also very reasonable. The retracement rate is slightly higher, but overall, the probability of a large retracement is not high. After all, the bottom has formed a three-bottom pattern, so this position can only be paralyzed in a large area after the position continues to break, and the current 90 line is broken. The probability is actually not high, and it is very likely that a puncture effect will be formed, and the upper pressure port is maintained at the 05 line, and the daily line begins to draw back, creating a breakthrough momentum. Shock is inevitable, but before an effective breakthrough is formed above, we still easily define it as a reversal of the bulls. At present, we can only operate tentatively, but the pressure on the top still exists, and it is recommended to try to short Mainly, if gold reverses in the short term, short around 99-00, don't look around 88-83, stop loss 05.5
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.