GOLD: short above 1985, target 1960

Mar 23, 2023

Short above 1985, TP1960, 1935, SL1995

Mar 23, 2023

Note

Chairman Powell hinted at the end of the interest rate hike cycle, and yesterday gold surged strongly by $30 to around $1,978, completing a short-term reversal. Will gold continue to rise? Although the end of the interest rate hike cycle stimulated gold's rise, considering it from a different angle, the risks of a banking crisis and economic recession caused by the interest rate hike will correspondingly decrease, so the safe-haven sentiment that supported the recent rise in gold will slowly fade away. From a technical perspective, after a strong rise to $2,009 on Monday, gold fell more than $70 for two consecutive days. If the pattern is really strong, the magnitude of this wave of decline would not be so strong, and there is also a divergence signal on the daily chart. Therefore, the probability of gold's further decline increases.

Mar 23, 2023

Note

The 1-hour head-and-shoulders top structure of gold has now rebounded to this position, and the structure has not been damaged. If it does not go up for 4 hours, it will be a double top, so the rebound should continue to be short. The 1-hour moving average is still running in a dead cross, and the MACD is about to form a dead cross. , European and American markets rebounded in 1985 and continued to be short.

Mar 23, 2023

Trade active

Prepare to short in 1985

Mar 23, 2023

Trade active

The current price of gold is above 1985, sell

Mar 24, 2023

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Continue to add empty orders