Important data will be released, how to trade gold?

Oct 25, 2024

🔸After a sharp correction of $50, the momentum of gold bulls has been frustrated, but it has not yet reached its peak. From the technical trend, this rapid decline will not immediately change the overall bullish trend, but will temporarily turn the trend into a high-level oscillation pattern. A clear top structure has not yet been formed, nor does it mean that a large-scale decline will begin.

🔸The previous continuous upward trend has temporarily come to an end. Yesterday's gold price high point has not been broken. There are signs of a top structure on the 1-hour chart. The moving average shows a dead cross pattern, suggesting that short-term bulls are weak and have begun to build a top, and the risk of short-term decline has increased. Therefore, in terms of operation, it is possible to consider arranging short orders at the rebound high.

🔸Although the gold price rebounded after the decline last night, the strength was limited, and the high point failed to break through the previous wave high, showing the fatigue of the market. We captured the rebound high point of 2732 in the early trading and arranged short orders. The current position has made a profit, but has not yet reached the target profit range. Investors who have not yet entered the market can wait for the price to rebound slightly and choose to enter the short order, because there is still a large correction space below.

🟢Overall, today's short-term operation strategy for gold is mainly to short on rebounds, supplemented by long on pullbacks.

🔴The upper short-term focus is on the 2735-2743 resistance range
🔴The lower short-term focus is on the 2705-2708 support range

🔥Yesterday we placed a short order at the highest point and made a profit of nearly 20$. I believe that all investors have followed the transaction. Today, important data will be released, and the profit opportunities in the market will be greater. Please don’t miss it.

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Oct 25, 2024

Trade active

Gold Trading Strategies, October 25

🎯Strategy 1: Gold Sell 2732-2735, stop loss 6-10 points, TP 2720-2715, break the position and look at the 2705 line✅

🎯Strategy 2: Gold Buy 2705-2708 , stop loss 6-10 points, TP 2720-2730, and look at the 2740 line if the position is broken✅