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Gold’s Pullbacks Reveal Bearish Strength — 3960 in Sight!After gold retreated from around 4060, it encountered resistance and fell back frequently during the rebound. Although gold still maintained an overall bullish trend, the bullish momentum has obviously weakened, and the short-term gold market has entered a high-level fluctuation stage. Currently, the highest level of gold has reached around 4060. According to the current structure and rebound momentum, if gold cannot effectively break through the recent high of 4060, then gold is likely to form a secondary high point during the oscillation process and form an M-shaped double top structure with the recent high point. Therefore, although gold is in an overall bullish trend, we still cannot ignore the considerable risk of a pullback in the short term before it effectively breaks through the high of 4060. At present, gold is testing the 4000 mark under the pressure of technical patterns. If the 4000 mark cannot withstand the test, gold may continue to retreat to the area around 3960. Therefore, in short-term trading, we can still consider waiting for gold to rebound to the 4030-4040 area and try to short gold, first aiming at the retracement target area: 3990-3980; followed by 3960-3950!
OANDA:XAUUSDShort
by WaveRider_Steffen
Volatility = Opportunity—Short Gold Now!Although gold is still maintaining a bullish trend, it has repeatedly fallen back to around 4030 after approaching or touching the 4050-4060 area many times, and has shown multiple high points with upper shadows in the candlestick chart. It can be clearly seen that after accelerating its rise, gold showed obvious signs of stagflation near the trend line resistance area of 4050-4060, and there were obvious signs of retracement after touching this resistance area. In addition, from the short-term structure, we can see that the current high is near 4059, and the left high is near 4050. If gold cannot effectively hold above 4050 during the next rebound, there will be signs of forming a head and shoulders top in the short term. Combined with technical divergence and overbought conditions, gold may usher in a good retracement in the short term. Combined with technical divergence and overbought conditions, gold could experience a significant pullback in the near term. We should first focus on the support below at 4030-4020, followed by 4000-3990. So in short-term trading, I still will not give up short trading to gain short-term retracement profits. Therefore, I still advocate considering shorting gold in the 4045-4055 area. As long as gold can effectively fall below 4030, it will inevitably continue its downward trend to the 4010-4000 area.
OANDA:XAUUSDShort
by WaveRider_Steffen
1
Gold’s Swings Offer Bears a Profitable EdgeGold has currently reached a high of around 4050, but after reaching this area, the upward trend has been suppressed, and the upward momentum has weakened. Gold needs to retreat in the short term. Gold is currently under pressure in the 4050-4060 area. If gold shows obvious signs of stagflation in this area, then gold may usher in a good pullback at any time. However, because gold is currently in a strong upward trend, its structure and form are in an obvious bullish trend. Therefore, even if the gold market pulls back, the pullback is not expected to be too large in the short term. We should first focus on the support area below, 4000-3990. Therefore, in volatile markets, even if gold is in a strong bullish trend, gold shorts still have good profit opportunities due to volatility. So in the short term, we can consider trying to short gold in the 4050-4060 area, first aiming at the target area: 4010-4000 area. If you're short gold like me, we must be among the first to reap the benefits of a market correction. If you'd like to continue following my trading strategies and signals, be sure to follow me!
OANDA:XAUUSDShort
by WaveRider_Steffen
Pullback Imminent—Bulls Beware, $80 Risk LoomsGold continues to maintain its strong position and has reached the level around 4000 as expected during the upward process. According to the current structure, the level around 4000 may not be the market top, and there is still room for further growth. However, the market's expected targets have been achieved in the short term, and gold may experience a phased pullback after making a series of false breakthroughs. Looking back at history, every time gold faces an area near an integer mark, it will usher in a good wave of pullback. Gold has experienced a $70-80 pullback around the 3700, 3800, and 3900 levels. Based on this, even if gold starts to pull back $70-80 from 4020, it could potentially retreat to the 3950-3940 range in the short term. Based on its trend, gold began its upward trend around 3820 and has currently reached a high of around 4014, with a fluctuation of $194. Based on previous trend-based gains and fluctuations, gold could experience a pullback at any time. Therefore, in terms of short-term trading, we do not advocate aggressive chasing of high levels for the time being. We can consider going long on gold after gold retreats to the 3970-3950 area depending on the market performance; of course, we can consider starting to short gold in the current area of 4015-4025. Short positions are only for short-term trading and are not suitable for long-term trading at the moment!
OANDA:XAUUSDShort
by WaveRider_Steffen
Pullback Alert: Gold Feeling the Heat at 4000As expected, gold continued to rise to the 3985-3995 area, reaching a high of around 3991, just a hair away from 4000. According to my calculations, the current resistance area of gold is located in the 3985-3995 area (for the specific calculation process, please refer to the previous trading idea). Therefore, I believe that within this range, we can begin to test the top and short gold. Moreover, from the short-term performance, although gold still maintains a bullish trend, the short-term rise has been suppressed and the recent rise has weakened. Moreover, after the continuous rise in gold prices, the risk of chasing the rise has increased significantly. We must be cautious about the current rise and guard against signs of profit-taking at market highs. Moreover, gold has repeatedly reached highs in the 3980-3990 area. Repeatedly reaching highs in a limited area is likely to mean that gold will usher in a wave of irreversible pullbacks in the short term. In addition, we need to focus on the area near 3960. If gold can still stay above 3960 during repeated pullbacks, then gold will still maintain its current strong position, or at least maintain high-level fluctuations; if gold falls below the area near 3960 during the pullback, then gold may continue the pullback trend and is expected to continue to 3930, or even around 3900. So for the current short-term trading, I think the time is ripe to short gold, and I have already shorted gold according to the above trading plan. Now I just need to wait patiently for gold to pull back and make a substantial profit!
OANDA:XAUUSDShort
by WaveRider_Steffen
3
4000 in Sight, But the Pressure’s On—Pullback Ahead?It is obvious that gold is currently in a very strong bullish trend. As far as the current market is concerned, there are not many reference points above. In the short term, perhaps only the 4000 mark is worth paying attention to. However, it should be emphasized that when market sentiment is high and gold prices continue to rise, volatility may increase significantly and the risk of chasing the rise will increase significantly. From the current perspective, the short-term upward trend has been suppressed, and there is obvious pressure near the 3980 level. Therefore, we must be cautious about the current rise and guard against signs of profit-taking at market highs. After the strong rise in gold, the current short-term support is obviously in the 3935-3925 area, followed by the 3905-3895 area. If gold cannot effectively fall below these two key support areas, gold will continue to maintain its current strong bullish trend; in addition, we can infer the current resistance area from volatility. 1. First Wave: Gold rose from around 3628 to around 3791, a fluctuation of nearly $165. 2. Second Wave: Gold rose from around 3718 to around 3895, a fluctuation of nearly $175. 3. Current Wave: Gold began its rise from around 3819. Extrapolating upward by $165-175, the resistance area for this phase is 3985-3995. Therefore, it can be inferred that the short-term resistance at the current stage is in the 3985-3995 area. If the gold market cannot provide a suitable entry position to execute a long trade, then we can consider shorting gold with the 3985-3995 area as resistance; under appropriate circumstances, we can even consider entering the market early to short gold, first targeting the short-term retracement target: 3945-3935 area.
OANDA:XAUUSDShort
by WaveRider_Steffen
Ride Both Sides:Short Now, Long Later!Gold continues to rise and hit new highs, and the current high has reached around 3977. There is no doubt that the current gold market maintains a strong bullish trend. From the perspective of market sentiment, the only high point worth paying attention to in the short term is the 4,000 mark. There are currently no other high points that can be used as an effective reference. However, given the extreme highs, caution is advised regarding the current rally, and be wary of signs of profit-taking at market highs. Two key support areas of note are currently located between 3930 and 3920, and between 3905 and 3895.If gold cannot effectively fall below these two key support areas, gold will continue to maintain a strong bullish trend and may hit 4000 in a short period of time; once gold falls below the above two key support areas during the retracement process, gold may continue to repair the retracement trend to the 3880-3860 area. Therefore, in terms of short-term trading, because gold will fall back every time it hits a new high, remember not to go long on gold directly at a high level. You should grasp the rhythm of gold fluctuations. You can consider shorting gold in the 3965-3975 area, and then wait for gold to retreat to the area around 3930-3920 before considering going long on gold appropriately.
OANDA:XAUUSDLong
by WaveRider_Steffen
2
Smart Money Strategy: Short Now, Go Long LaterAs I expected, gold touched around 3950 during the rise. According to the current structure, gold is currently in a very strong bullish trend, the market has a strong bullish consensus, and gold still has room to continue to rise. If gold can break through 3950 during the rise, it may open up space to higher levels. However, it should be emphasized that when market sentiment is high and gold prices continue to rise, volatility may increase significantly and the risk of chasing the rise will increase significantly. From the current perspective, the short-term upward trend has been suppressed, and there is obvious pressure near the 3950 level, so gold may show signs of pullback in the short term. To be honest, although gold prices have risen sharply, there have not been many opportunities to enter the market and go long on gold during the rise. So I have already shorted gold in the 3930-3950 area according to the previous trading strategy. First aim for the retracement target: 3920-3910 area.
OANDA:XAUUSDLong
by WaveRider_Steffen
New ATH: Shutdown Fuels Gold's Seventh Straight WinHello, traders! Gold just sealed its seventh consecutive weekly gain, with futures hitting $3,908.9/oz. The rally is fueled by growing concerns over the US Government Shutdown and the near-certain expectation of a Fed rate cut (97% chance in October). Fundamentals & Outlook Political Instability: The prolonged Shutdown is a stable bullish factor, delaying economic reports and attracting massive safe-haven capital. Rate Cut Certainty: The market considers a Fed rate cut almost guaranteed, providing strong support for non-yielding Gold. Technicals & Trading Strategy Weekly buying power is extremely strong. Gold is consolidating near $3900. The $3867 level is critical; if the price holds above it, the potential for new ATHs remains very high. Key Price Levels: Resistance: $3902, $3912, $3922, $3942 Support: $3867, $3855, $3839, $3792 Trading Strategy (Absolute Risk Management): BUY ZONE 1: $3867 - $3865 SL: $3857 TPs: $3875, $3885, $3895, $3905, $3915 BUY ZONE 2: $3839 - $3827 SL: $3824 TPs: $3847, $3857, $3867, $3877, $3887 SELL ZONE 1: $3902 - $3904 SL: $3912 TPs: $3894, $3884, $3874, $3864 SELL ZONE 2: $3942 - $3944 SL: $3952 TPs: $3934, $3924, $3914, $3904 Will the US government tensions help Gold definitively breach the $3900 level next week? 👇 #Gold #XAUUSD #ATH #Shutdown #Fed #TradingView #InterestRates
OANDA:XAUUSDLong
by Jeremy_NPC
1
Bulls on Fire! The 4000 Challenge BeginsWhen summarizing the trading on Sunday, it was clearly pointed out that gold would inevitably hit 3900 or even 3930 this week. However, it was unexpected that gold had reached 3920 so early. Although it retreated slightly after reaching around 3920, according to the current structure and trend, the bull trend has not ended yet and there is still room for growth. Since gold has once again broken through the recent high of 3895, the double top structure constructed in this horizontal area has become invalid and temporarily has no resistance effect. In fact, after the top and bottom conversion, this position area may play a supporting role to a certain extent in the future. As gold breaks through 3900, market bullish confidence may expand unprecedentedly, and the enthusiasm for buying will be pushed to another level. As the center of gravity of gold moves up, the current technical structural support has moved up to 3880-3870; and the strong support is located in the 3850-3840 area. If gold cannot effectively fall below these two key support areas during the retracement. Gold will continue to maintain its bullish trend and continue its strong upward trend. It is even expected to continue to set new highs and reach around 3930 or even 3950. Once gold rises and breaks through 3950, the 4000 mark will follow! So in terms of short-term trading, we can first try to start buying gold in small batches in the area around 3880-3870. After all, the entry price is relatively high, so we must control the lot of transactions and set up protection. If you want to continue to follow and pay attention to my trading strategies and signals, be sure to follow me!
OANDA:XAUUSDLong
by WaveRider_Steffen
Not the Bottom Yet—Gold Poised to Retest 3800Gold failed to break through 3900 again and fell all the way from around 3897 to 3819, with a drop of $78 again. The two recent declines of this magnitude have greatly hit the confidence and sentiment of market bulls, and the bearish atmosphere in the market may become even stronger. Although gold rebounded again after touching 3819, it failed to hit 3900 twice and has successfully constructed an M-shaped double top structure in the short-term structure. Suppressed by this technical structure, the bullish momentum may be difficult to sustain and will intensify the short-term volatility. The volatility range is likely to be switched to the 3860-3820 area. Therefore, based on the current market changes, we cannot blindly be bullish on gold for the time being. From a technical perspective, gold is under pressure in the 3850-3860 area in the short term, so if gold rebounds and touches near this area, we can give priority to shorting gold, first targeting the retracement target area: 3835-3825 area. Once gold falls below the level around 3820, it is very likely to test the support strength of 3800 again.
OANDA:XAUUSDShort
by WaveRider_Steffen
3
Time to Fade the Rally—Gold Shorts Aim for 3835–3825Driven by the market's risk aversion sentiment, gold continues to maintain its strong upward position and has now reached our long target area: 3850-3860 as expected. It is obvious that gold is still in a bull trend, but as gold prices have risen sharply, more and more high-level risks have accumulated. Therefore, it is actually very difficult to directly participate in gold long trading now. But according to the current trend, it is not difficult to find that after each surge in gold, there is a trend of falling back and testing support. Therefore, even if gold is in an upward trend, there is still a need to retrace support locally, and the retracement range is relatively not small, and can reach a retracement space of $20-30, so there is enough profit space for short-term trading. In addition, in the short term, gold is currently facing the influence of the trend channel resistance area of 3855-3865. The current upward momentum has converged and the willingness to rise has tended to weaken. Under the influence of the resistance in this area, gold may have a need to retreat in the short term. So in the short term, we might first consider shorting gold with the 3855-3865 area as resistance, and first look at the target area of 3835-3825 area. Of course, to gamble on short-term retracement profits in an upward trend, you need to set up protection!
OANDA:XAUUSDShort
by PriceSniper_Steffen
3820 Breakout：Chase It or Fade It?After our long position hit the TP, we just profited from our short position near 3830 by hitting the TP at 3815. This is a very good short-term trade. Judging from the current structural form of gold, the low point of gold retracement is gradually shifting upward, and the short-term support below is moving up to the 3810-3800 area; if gold rebounds again with the help of this support area and stands above 3825, under the resonance of technical level and positive news, gold may hit the 3840-3850 area in the short term, or even reach the extreme area near 3860. The current market is bullish and it is difficult to see a reversal in the short term. At best, there will only be a short-term pullback. Therefore, in short-term trading, we mainly follow the trend trading; only after gold touches the key resistance area can we try to short gold. It should be noted that due to the limited retracement space, a reasonable TP must be set. 1. Consider going long on gold in the 3810-3800 range, initially targeting the 3835-3845 range. 2. When gold first reaches the 3840-3850 range, consider going short on gold, initially targeting the 3825-3815 range.
OANDA:XAUUSDLong
by PriceSniper_Steffen
Bulls Charge Ahead—Gold’s Path to 3835–3845Brothers, it seems that we were too conservative in setting the TP. Now gold has broken through 3810, far exceeding the TP: 3785 set in our last long transaction. Because a large amount of safe-haven buying funds poured into the gold market, it continued to set new historical highs, stimulating gold to break through 3800 and continue its rise to above 3810, fully highlighting the strong bullish sentiment in the market. At present, with the support of fundamental factors that are bullish for gold, it is difficult for the gold market to reverse in a short period of time. At best, it is just a short-term adjustment. In addition, we can look for wave patterns from the candlestick chart. From the previous trend, it is not difficult to see that after a short-term consolidation, gold will pull up and retrace to form a secondary low point, and then it will wave again to $75-80 to reach a new high. Then according to this rule, after the volatile rise, gold formed a secondary low near 3760 on Friday. If we look up to the fluctuation range of $75-80, gold is likely to continue to rise to the 3835-3845 area. So, for current short-term trading. First of all, we still consider going long on gold. 1. If gold first retreats to the 3800-3790 area, we can prioritize going long on gold. 2. If gold continues its upward trend and first reaches the 3835-3845 area, we can consider going short on gold.
OANDA:XAUUSDLong
by PriceSniper_Steffen
3717 Won’t Hold—Gold’s Next Breakdown AheadThe highest point of gold during the day was around 3761. It can be clearly seen that as the bullish momentum of gold gradually declines, the high point of the candlestick chart is also gradually moving downward. Judging from the daily candlestick chart, a bearish candlestick chart appeared for the second consecutive day today, and it is very likely to close in a doji pattern, suggesting that gold is likely to continue to fall. From the perspective of short-term morphological structure, gold has currently perfectly constructed a downward trend channel based on the wave top areas of 3790, 3778 and 3761; and upper shadows appear on many candlestick charts, suggesting that the selling pressure from above is relatively large, and the center of gravity continues to move downward and test the lower support area many times. Based on the current structure, 3717 is likely not the current low, and gold will continue to fall. The upper short-term resistance is in the 3750-3760 area; the lower support is in the 3715-3705 area, followed by the 3695-3690 area. Therefore, for short-term trading: 1. Prioritize waiting for a gold rebound and then continue shorting gold within the 3750-3760 area; the short-term target is 3725-3715. 2. If gold first retreats to the 3715-3705 area, we can take advantage of the initial pullback and go long gold in that area, with the short-term target being 3730-3740.
OANDA:XAUUSDShort
by PriceSniper_Steffen
Correction Not Enough，The Real Drop Is Yet to ComeGold began to retreat from 3778 yesterday, breaking through the key support levels of 3755, 3740 and even 3730, and hitting a low of around 3717, a drop of $60. In view of the recent continuous upward trend and the fact that it is near the 3800 mark, this is undoubtedly another heavy blow to the bulls. From the perspective of morphological structure, gold may form a new downward trend channel with the help of high points near 3790 and 3778. If gold cannot successfully break through the 3755-3765 area during the rebound, it means that the gold downward trend channel may be successfully constructed, which will further stimulate gold to continue to decline. As for the rising channel, gold is currently facing resistance in the 3760-3770 area. Before breaking through this area, gold bulls may still be weak. Then due to the technical resonance of the two channel resistances, it may be difficult for gold to easily break through the 3760-3770 resistance area at present. So for short-term trading, we can start shorting gold at 3755-3765. If gold continues to rise within a limited space, we can consider adding positions.The short-term support area below is first focused on the 3740-3730 area, followed by the 3715-3705 area.
OANDA:XAUUSDShort
by PriceSniper_Steffen
Quick Gold Long: Playing the Rebound GameGold has now fallen below the 3755 area, disconfirming the ascending triangle formation in the short term. The price has continued to fall below the downward channel support around 37740, signaling a short-term shift from strength to weakness. However, since gold hasn't shown clear signs of a peak, and the decline hasn't been a cliff-like drop, but rather a volatile downward pattern, the current technical pullback remains within normal limits and hasn't reached the level of a reversal. Therefore, gold still has the potential to rebound after this pullback. Gold has retreated to the 3730-3725 area. While the decline hasn't completely stopped, the decline has certainly slowed. Furthermore, this area offers some technical support. Gold may rebound in the short term after fluctuating within this area, potentially reaching the 3740-3750 range. Thus, for short-term trading, we can initially consider going long on gold in the 3730-3725 area, with a short-term rebound target of 3740-3750.
OANDA:XAUUSDLong
by PriceSniper_Steffen
Ascending Triangle Hints at One More Push to 3800?Currently, gold is encountering resistance around 3790-3800, and the bullish momentum has slightly weakened, but the overall pattern is still bullish. Moreover, judging from the two recent pullbacks, although the bears were given the opportunity to escape from the predicament, they were supported near 3750 and rebounded many times. The strong buying support below greatly limited the retracement space. Gold has formed an ascending triangle structure in the short term. If this structure is valid, then gold as a whole may still hit 3800, or even continue the upward trend to the 3820-3830 area, which is also the upward limit area I mentioned earlier; but this condition must be established under the premise that gold cannot fall below the 3760-3750 area during the short-term retracement. Therefore, it is clear that the short-term structural support of gold is located in the 3760-3750 area, and the further strong support below is located in the area around 3730. At present, gold is in the ascending triangle structural resistance area of 3775-3785, so there is still a chance of a pullback in the short term. Therefore, for short-term trading: 1. For the time being, consider shorting gold in the 3775-3785 area, with a retracement target of 3765-3755. 2. Once gold retraces to the 3765-3755 area, consider going long on gold based on market fluctuations and structural support.
OANDA:XAUUSDLong
by PriceSniper_Steffen
GOLDEN INFORMATION: Gold Holds Firm Near $3,760 Amid Fed Cut HopGold (XAU/USD) is trading steady around $3,760 in Wednesday’s Asian session, after a slight pullback from its record high of $3,791. The precious metal continues to draw support from expectations of further U.S. Federal Reserve rate cuts and strong safe-haven demand. Fed Signals More Easing Ahead Fed Chair Jerome Powell highlighted the “challenging” balance between persistent inflation risks and a softening U.S. labor market. He reiterated the Fed’s readiness to ease policy further if needed, strengthening market bets for additional rate cuts. Futures markets are now pricing in two more 25 basis-point cuts in October and December, moves that would lower the opportunity cost of holding non-yielding assets like Gold. Market Outlook: Correction, Accumulation, and Uptrend Continuation After a brief correction lower, Gold appears to be entering an accumulation phase, setting the stage for a potential next leg higher toward $3,800. Technical View From a short-term perspective, key technical indicators—EMA 34 and EMA 89—along with support and resistance levels, suggest that traders could consider a tactical SELL setup within the ongoing consolidation. Immediate support: $3,740 – $3,720 Near-term resistance: $3,780 – $3,800 A well-timed sell order near resistance zones, with stops above the recent record, may provide an attractive risk-reward trade for short-term participants, while the broader long-term trend remains bullish.
TVC:GOLDShort
by filatovarthur
Rejection Before 3800: A Final Window for ShortsDriven by market sentiment, gold has now reached a high of around 3792, just one step away from the 3800 mark. Judging from the current structure, gold is undoubtedly in a unilateral bull trend and has completely replicated the rising pattern of the previous wave, with almost no decent retracement during the rise. Now gold continues to break through historical highs and enter unknown areas. In addition, due to the promotion of market sentiment, the current technical level has been distorted, so there is no good reference target at present. It can only be calculated based on space and cycle; the foreseeable upper limit area in the short term is in the 3820-3830 area; but because there are obvious signs of stagnant growth before reaching the 3800 mark, gold may be the first to experience a pullback. Because gold is in an extreme rising mode, most funds may not have the opportunity to participate in long transactions, so in order to increase liquidity, gold also has a need for a retracement; however, because the current market enthusiasm remains unabated, it can be expected that the retracement space for gold is limited. The foreseeable retracement area is in the 3760-3750 area, and the second is in the area near 3730. In addition, look at it according to the cycle. It is not difficult to see from the financial calendar that China, a major gold holder, will usher in the National Day holiday. Before the holiday, some funds may take profits, which will also lead to a decline in gold prices. After the holiday, gold may end its retracement and return to the upward trend. So if you hold a short position, then when gold falls back to the 3760-3750 area, or even around 3730, it will be an opportunity for gold bears to get out of trouble. Once gold retreats to this area and escapes the predicament, it could be a good opportunity to re-enter the long position!
OANDA:XAUUSDShort
by PriceSniper_Steffen
Gold Lures Bulls In — But Correction LoomsAfter the start of the Asian session, gold continued its upward momentum to around 3692. However, it is obvious that after touching this horizontal area, the upward momentum of gold has converged, and there are obvious signs of stagflation. Moreover, judging from the trading volume, the current trading volume is not enough to support the continued rise of gold. So I think gold may usher in a good wave of pullback at any time after the rise. From a technical perspective, gold has formed a "double-needle bottoming" structure in combination with the areas near 3628 and 3632. However, since the correction near 3707, gold has shown a clear downward trend. Therefore, according to time and space, under normal circumstances, gold is still in an oscillating structure and may find it difficult to break through the resistance of the 3675-3680 area in a short period of time. But the fact is that on Friday, stimulated by the news, gold not only broke the volatile pattern that should have appeared, but also broke through the resistance of 3675-3680 in one fell swoop; when the time and space are not yet in place, the intention of gold's sharp rise may be to eliminate the short chips that have been recently arranged before gold really starts to pull back, and there is also suspicion of luring the bulls who follow the trend. Based on space calculations, it is expected that the maximum rise in gold this time will not exceed the 3710-3715 area, and it may even start to pull back again before reaching this area. Therefore, we should not be excessively bullish on gold at this point. On the contrary, we can still short gold in batches above 3680, and the retracement target will first target the 3665-3655-3645 area.
OANDA:XAUUSDShort
by PriceSniper_Steffen
Below 3670, shorting gold is still the main theme!After touching 3661, gold has repeatedly tested downwards today. However, this testing period repeatedly found support in the 3645-3640 area, failing to break further below. Judging from the current gold structure, gold as a whole shows a volatile and bearish trend. Although gold closed with long lower shadow candlesticks near 3627 and 3632 respectively, showing signs of bottoming out in the short term, it only exacerbated short-term volatility. Due to the obvious selling pressure from above, I expect that the rebound space for gold in the short term will be relatively limited. According to the current gold structure, gold will face resistance in the 3665-3675 area in the short term. According to the current market performance, it may be difficult to break through this horizontal area easily in the short term. After all, there is considerable selling pressure from above. So for short-term trading, as long as gold remains below 3670, we can boldly short gold! However, because today is Friday and gold has failed to fall below the 3645-3640 area many times, it is best not to have too high expectations for the retracement space. Perhaps the 3655-3650 area will be a reasonable retracement target in the short term.
OANDA:XAUUSDShort
by PriceSniper_Steffen
Bearish Grip Tightens as 3585 Comes Into ViewAs gold continuously tests and falls below the 3650-3640 area, the space below has been opened to a certain extent. According to the current gold trend structure, as the candle chart shows a long upper shadow line near 3705, there are obvious signs of profit-taking, and there is strong selling pressure from above; a downward-opening trend channel is formed in the structural form, and the center of gravity of gold is gradually shifting downward. The bears are relatively stronger, and there is no obvious bottoming signal below at present. Gold still has the potential to continue to decline! Although gold has rebounded slightly after several attempts at the 3635-3625 area, the strength of these rebounds has fallen far short of expectations, indicating relatively weak bullish momentum. As gold gradually moves downward, short-term resistance has shifted to the 3660-3670 area. Strong resistance is around 3685, but given the current rebound strength, it is unlikely that gold will reach this resistance area in the short term. And I think gold will easily continue to decline and test the 3620-3610 area. Once gold falls below this area, the space below will be completely opened. Gold is likely to continue its downward trend to around 3585, and may even experience a deeper correction to around 3550. Therefore, in a bearish market, we must firmly adhere to a short-gold trading strategy. If gold rebounds weakly to the 3655-3665 area, I would likely prioritize shorting gold. The short-term retracement target will first target the 3625-3615 area.
OANDA:XAUUSDShort
by PriceSniper_Steffen