Mission Complete: 4245-4250：Time to Flip Short on Gold!Gold has already reached a high of around 4246, and its upward momentum has relatively weakened. To be honest, under the current market conditions, I do not advocate aggressively chasing gold above 4240, because as gold continues to rise, more and more callback risks are accumulated! We can also see that each surge in gold is followed by a clear pullback. So even if we choose to short gold, we can still get a good profit margin in the short term!
Although gold is on an overall upward trend, I still divide the rising channel into three areas; the first area: 4250-4220; the second area: 4220-4190, and the third area: 4190-4160. As gold rises, the technical traction of the lower area on the gold price becomes stronger. Therefore, according to the first area division, in the short term, gold has the need to at least retreat to the area near 4220. Even after falling below the area near 4220, it may continue the downward trend to the 4220-4190 area.
Therefore, in terms of short-term trading, I would prioritize trying to short gold in the 4245-4255 area, first targeting the short-term retracement area: 4230-4220 as the target.
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