First of all, I want to say that it is definitely not possible to chase more gold above 1980. Obviously, the high point of 1985 must be maintained at least until the end of this week. It is impossible for the 1985 high to be broken this week, and the probability of this is very small.
If it is broken here at 1985, then it will look to the upper suppression point near 2008, which I think will hardly appear this week. From the hourly chart, it can be seen that in the early stage of gold, after reaching 1985, it failed to break through effectively many times, and it has been rectifying the trend for a long time. Well, this time it is very likely that the previous trend will be copied and the rectification will continue.
The current effective support of gold is around 1965, because 1965 is the previous suppression point, and it has also been converted from resistance to support after breaking the position. Therefore, if gold falls next, the target position is also near the 1965 position.
Therefore, in terms of trading, you can wait until gold is above 1980 to short gold, and the lower target looks at the 1965-60 position.
For more trading signals and trading plans, you can follow the bottom of the article to enter to view the details!
If it is broken here at 1985, then it will look to the upper suppression point near 2008, which I think will hardly appear this week. From the hourly chart, it can be seen that in the early stage of gold, after reaching 1985, it failed to break through effectively many times, and it has been rectifying the trend for a long time. Well, this time it is very likely that the previous trend will be copied and the rectification will continue.
The current effective support of gold is around 1965, because 1965 is the previous suppression point, and it has also been converted from resistance to support after breaking the position. Therefore, if gold falls next, the target position is also near the 1965 position.
Therefore, in terms of trading, you can wait until gold is above 1980 to short gold, and the lower target looks at the 1965-60 position.
For more trading signals and trading plans, you can follow the bottom of the article to enter to view the details!
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Gold reached the lowest around 1970, and our short positions around 1978-1982 made huge gains
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We can still look for opportunities to short gold
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Xauusd:@1978-80 Sell