The next target of gold’s “inverted V-shaped reversal” is 3300!

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https://www.tradingview.com/x/UCCdnzGE/

💡Message Strategy

Spot gold's upward momentum was stalled during the Asian session on Thursday (August 14th). After hitting a three-day high near $3,375, it encountered some intraday selling, trading close to Wednesday's closing price.

Global risk sentiment continued to be supported by two factors: optimistic expectations of a three-month extension of the US-China trade truce and positive signals from Friday's (August 15th) US-Russia summit aimed at ending the Russia-Ukraine conflict. This, in turn, weighed on the safe-haven precious metal.

📊Technical aspects

According to the 4-hour chart, gold showed an "inverted V-shaped reversal", which just reflects the lack of momentum for gold bulls to rise as expectations of a Fed rate cut rise.

Gold prices have formed strong resistance in the $3,360 range and are showing weakness near the 200-period moving average on the 4-hour chart, indicating that bears are still in control. Short-term resistance is at $3,365. If it fails to break through, it may fall further, eventually falling to the $3,300 mark.

💰Strategy Package

Short Position:3355-3360，SL:3380，Target: 3330，3300

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Giao dịch đang hoạt động

Gold shorts fell as expected and gold bulls passed by like a shooting star!