🔥Gold rebound short order✅
In the morning session of this trading day, as we anticipated, the price broke below 2150 with an intensified adjustment, continuing the downward trend. Eventually, the price fell to 2146 before rebounding to 2160. What‘s the outlook for the next move? Can we still go short?
Looking at the daily chart for gold, the MA5-MA10 are about to form a death cross. Meanwhile, the 4-hour trend line and the previous top-bottom conversion point at 2145 provide support for the rebound.
Therefore, the probability of breaking below 2145 again today is not high. However, as I mentioned last week, with the daily highs gradually declining, the daily chart is likely to turn bearish. Hence, shorting on rallies remains the main strategy. Therefore, in the late session today, we should focus on short positions around the 2160 resistance level.
14 hours ago
Comment:
Currently, the overall trend of the candlestick chart is still bearish, with resistance levels continuously moving downwards. From the historical high of 2195 to 2179, then 2172, and finally approaching 2163, the downward trend is evident. Moving averages are trending downwards, and candlesticks are exerting downward pressure from above the moving averages.
Large bearish candles have directly pierced through support levels, with consecutive bearish candles hammering down. The 4-hour chart still presents a significant cliff-like structure, with minimal support below. The nearest support lies around the 2140 level, indicating readiness for a sharp decline. Additionally, the MACD histogram is positioned below the zero line and gradually increasing in magnitude.
(Source from: TV-Alvin_Kennedy)
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