XAUUSD(Gold)-Double Top Resistance

Aug 26
Today, gold rose again due to risk aversion, but it still failed to break through the new high. It is not advisable to chase more directly at present, and we still have to be careful of the double top falling under pressure. There was still a slight upward movement during the day, breaking through the 2520 line, but the short-term energy was not that strong. There was a brief decline during the U.S. session, and the speed and intensity of the decline accelerated significantly, but it still did not stand above 2520. !

From the 4-hour chart, gold has been rising slowly recently, and then there may be a sharp drop, so we must be cautious about the current market of gold. Gold can be shorted again near 2525 in the US market. If it breaks through the new high, then we will follow the trend.

On the whole, today's short-term recommendations for gold are mainly to go short on rebounds, supplemented by longs on callbacks. The top short-term focus will be on the 2525-2530 resistance range, and the bottom short-term focus will be on the 2490-2495 support range.

Aug 27

Trade active

Gold Trading Strategies Reference

🎯Strategy 1: Go Sell when gold rebounds to around 2515-2518, stop loss 6 points, target around 2510-2500, break the position and look at the 2495 line✅

🎯Strategy 2: Go Buy when gold pulls back to around 2493-2495 , stop loss 6 points, target around 2505-2515, and look at the 2520 line if the position is broken✅

✴️Strategy orders are divided into two positions at 1:2 or 1:3. The two positions shall not exceed 15% of the total position. A spare position shall be reserved. All positions shall not exceed 20% of the total position;

✴️Strategy orders change SL to the entry price when the profit is more than 3 US dollars. Unless otherwise notified, the original price shall not be re-entered;

✴️Strategy orders implement current price closing, unless there is a clear statement of pending orders or positions, the strategy is only valid for the day; overnight orders are prohibited;

⚠️The trend of the gold market is changing rapidly, and trading strategies may also be adjusted in real time. Investors are advised to place orders cautiously and manage account funds and positions reasonably.

Aug 27

Trade active

Gold rebounded slightly during the Asian session, which is also an opportunity to short. It is not advisable to chase the current highs. The key position above is still 2520. After failing to stand at this position yesterday, the idea today is still bearish. Gold has continued to set new highs recently. The news is the biggest driving force. It will eventually return to the normal technical trend. I am still bearish on the later trend. Focus on the support of 2500 during the day. Whether the short position can continue depends on whether this position can be broken.

From the 4-hour chart, it is still a double top pattern at a high level, and there is still a risk of falling back at any time. The upside space of gold is limited. It is still a high position to choose to short. Our main strategy is still to see the double top fall back.

On the whole, the short-term operation of gold today is recommended to be short after the rebound, supplemented by long after the correction. The short-term focus on the upper side is the 2518-2520 resistance range, and the short-term focus on the lower side is the 2490-2493 support range.

Aug 27

Trade active

The 4-hour chart of gold shows that it is still at a high level, and the double top structure is still established. The rebound of gold is still an opportunity to continue shorting. It is currently under pressure at the 2518 resistance line. Shorting can be done in the 2516-2518 range.