Break position and go short, pay attention to 2334/2320 support
Updated
https://www.tradingview.com/x/LJkJqZDr/
After rising above the important pressure zone of 2,400 points again late last week, it finally closed near 2,390 points. We once regarded this pattern as a strong level to be broken through. Gold has a 4-hour double top structure. Gold fell directly below the low of 2354 in previous days. With support, gold's decline will continue. Gold's one-hour rebound of 2354 is an opportunity for high short selling. After gold rebounds slightly, you can go short directly.
Lower expectations for interest rate cuts and the de-escalation of the conflict between Iran and Israel have led to a slowdown in gold's gains. Although it failed to extend last weekend's rebound and break out of the day's decline, it does not mean that the correction range has changed. What hinders the bullish expectations of the market outlook is that after the short-term correction is too large, the correction cycle will be lengthened. Just stay in the 2320 to 2400 range and continue trading.
For today's layout, on the one hand, we will pay attention to the opportunity of pulling back 2355, and consider shorting when the time comes. On the other hand, focus on the 2334 and 2320 support levels, and then go long depending on the situation.
After rising above the important pressure zone of 2,400 points again late last week, it finally closed near 2,390 points. We once regarded this pattern as a strong level to be broken through. Gold has a 4-hour double top structure. Gold fell directly below the low of 2354 in previous days. With support, gold's decline will continue. Gold's one-hour rebound of 2354 is an opportunity for high short selling. After gold rebounds slightly, you can go short directly.
Lower expectations for interest rate cuts and the de-escalation of the conflict between Iran and Israel have led to a slowdown in gold's gains. Although it failed to extend last weekend's rebound and break out of the day's decline, it does not mean that the correction range has changed. What hinders the bullish expectations of the market outlook is that after the short-term correction is too large, the correction cycle will be lengthened. Just stay in the 2320 to 2400 range and continue trading.
For today's layout, on the one hand, we will pay attention to the opportunity of pulling back 2355, and consider shorting when the time comes. On the other hand, focus on the 2334 and 2320 support levels, and then go long depending on the situation.
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