The US released some unemployment claims data, and gold briefly broke through 4000 before experiencing a strong rebound. Is this rebound merely a flash in the pan due to the data, or will it help reverse the gold bullish trend?
First, we should note that gold is still generally weak. The 1-hour moving averages are still in a bearish crossover, indicating continued downward momentum. Gold is also still trading within a 1-hour downtrend channel. If gold continues to trade within this channel, the overall trend will likely remain one of oscillating decline. The upper resistance level of the 1-hour downtrend channel has now moved down to around 4068. If gold rallies below 4068, the strategy remains to sell on rallies.
Gold prices naturally fluctuate, just like the tides. Volatility creates opportunities. If gold cannot break through the 4068 level, the rebound may be short-lived. Until a break above 4068 is achieved, continue to sell on rallies.
US Session Trading Strategy:
Sell gold at 4060, stop loss at 4070, target 4000-3980;
First, we should note that gold is still generally weak. The 1-hour moving averages are still in a bearish crossover, indicating continued downward momentum. Gold is also still trading within a 1-hour downtrend channel. If gold continues to trade within this channel, the overall trend will likely remain one of oscillating decline. The upper resistance level of the 1-hour downtrend channel has now moved down to around 4068. If gold rallies below 4068, the strategy remains to sell on rallies.
Gold prices naturally fluctuate, just like the tides. Volatility creates opportunities. If gold cannot break through the 4068 level, the rebound may be short-lived. Until a break above 4068 is achieved, continue to sell on rallies.
US Session Trading Strategy:
Sell gold at 4060, stop loss at 4070, target 4000-3980;
The road to success is not crowded. As long as you choose the right direction and follow the right team, you will be able to move forward.
t.me/david_456654
t.me/david_456654
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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.
The road to success is not crowded. As long as you choose the right direction and follow the right team, you will be able to move forward.
t.me/david_456654
t.me/david_456654
Publicaciones relacionadas
Exención de responsabilidad
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.