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After the price of gold bottomed out and rebounded yesterday, today's market continued to decline. After the Asian and European sessions fell all the way, the US market experienced an accelerated decline before the market, and the intraday market showed an extremely weak operating mode. In the current extremely weak situation, if the market continues to fall, it will basically not rebound again. Once the price rebounds, it is easy to rebound and no longer falls. Be cautious about the market tonight. At the same time, the recent market often has a roller coaster market with bottoming out and rebounding. So whether the market tonight is still the same, it also needs to be noted that the market tonight will not be too bearish.
The current strong pressure above gold is 1795. This position is the high point of the European session rebound, which is the last drop in the day's decline. The upper part is the high point and sub-high point within 1801-1805. The strong pressure is around 1810. This position is the trend line position formed by the high point. The support below is near 1781. This position is the 618 position where the price rebounds from 1760 to 1816. The lower position is near 1770. This position is the position where the price trend line breaks and retracement confirms, and the lower rail support of the downward channel is 1772-1775 area, that is, if it breaks a new low, it is the support of the 1770-75 area. If it breaks the bottom again, it will directly challenge the previous low point around 1760.
Gold's operation recommendation tonight is to follow after breaking, that is, pay attention to the 1795 position. As long as the price breaks through this position and rebounds higher than 1795, then retreat to 1786-87 and go long, stop loss at 1781 low point, and the target is to look at the 1800-1805 area. Remember to pull back after the price breaks through 1795 and not go long directly.
If the price rebounds does not exceed 1795, and the US market continues to fall, then it is recommended to go long around 1770, 5 points, and just look at 1783. The short-term rebound is valid before 11 pm and will be cancelled after expired. This mainly depends on the recent market often reversal after 11 pm, and it is also a frequent bottoming out and rebounding to prevent similar trends.
As for shorting, I personally expect there should be no chance of rebounding and shorting. If the market really continues to fall, it will definitely not be given a chance of rebounding. If the rebound will easily become a trap, then shorting will not be recommended for the time being. If today's daily line is the end of a big negative line, consider the short position when tomorrow's daytime rebounds. Although I didn’t short tonight’s suggestion, the current trend is short, which is certain, so long is to take a light position to rebound.
Disclaimer: The above views only represent the author’s personal views and are not used as an investment basis!
Investment is risky, do what you can, and the suggestions are for reference only!
strategy may change with the changes in the market. Please pay attention to the latest updates of the author. Thank you for
