Analysis of short-term gold trading on 8.29
Gold has been rising in the middle of the night these two days. Gold has reached a high level again. Every time it goes up, we have to consider whether gold has finished adjusting and has begun to turn. The choice now is to repeatedly build a peak or accumulate momentum to break through; but since gold has not broken through yet, we will continue to short at a high level.
Gold's 4-hour moving average began to turn, and the momentum of gold bulls was obviously suppressed. If a dead cross is formed, gold will continue to go down; if gold fails to break through, bulls will lack confidence, which will give gold shorts an opportunity.
Gold's rebound seems strong, but the high point has not been broken. Don't be confused by the superficial strength. Gold continues to weaken after being strong. This is also the recent norm. Bulls are still unable to do their best, and gold continues to be short
Gold 2518 short, stop loss 2522, target 2505-2500
Gold's 4-hour moving average began to turn, and the momentum of gold bulls was obviously suppressed. If a dead cross is formed, gold will continue to go down; if gold fails to break through, bulls will lack confidence, which will give gold shorts an opportunity.
Gold's rebound seems strong, but the high point has not been broken. Don't be confused by the superficial strength. Gold continues to weaken after being strong. This is also the recent norm. Bulls are still unable to do their best, and gold continues to be short
Gold 2518 short, stop loss 2522, target 2505-2500
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