Gold notes rebound correction

After gold fell again in the early trading, it rose as expected. The current trend of gold is completely within our expectations, and we have also accurately grasped the turning point of the bulls. In the early trading, we have made a profit of 8 US dollars by going long near 2322.

After gold bottomed out and rose, the high point came to 2332, but the energy of gold bulls has not weakened at present. The upward shock will continue. Our expected target for bulls is near 2340. The gold price began to rebound with the weekly MA5 as support, and now it has reached the highest level near the weekly MA10. This means that there is pressure near 2334 in the short term. However, the important boundary position above is still 2340-2341, so when the price reaches 2341 and fails to effectively break through this area, it is the best time to enter the short position.

From the 4-hour chart, after gold stopped falling at 2287, the high and low points gradually rose. The short-term market is running a bullish trend of shock rebound, and the 4-hour boundary pressure is also 2340. 2335 below is the top and bottom conversion position, and the overlap of the middle track and the downward trend line 2335-2338 is the resistance point.

Overall, today's short-term operation of gold is recommended to be mainly short on rebound, supplemented by long on pullback. Focus on the resistance range of 2335-2341 above, and focus on the support range of 2295-2306 below.

Comment:

Gold's 30-minute moving average has formed a dead cross downwards, and the opening is gradually widening. Today's rebound was blocked by pressure around 2333, and it surged higher and fell again. During the US trading period, it continued to short the highs at 2333, waiting for further declines to break the lows in the evening.

Comment:

Gold Trading Strategies Reference

🎯Strategy 1: Go short when gold rebounds to around 2333-2335, stop loss 6 points, target around 2320-2305, break the position and look at the 2295 line✅

🎯Strategy 2: Go long when gold pulls back to around 2295-2297 , stop loss by 6 points, target around 2305-2315, and look at the 2320 line if the position is broken✅

Comment:

Gold 1-hour moving average is still in a dead cross pattern, and a rebound is an opportunity to short. Gold 1-hour rebound continues to be under pressure from the moving average resistance of 2338. Gold is rebounding, not reversing, and the trend is still bearish. We have just laid out the short selling strategy in the 2333-2336 range, waiting to hit the TP