The adjustment is not over yet, continue to short on rebound

3 окт.

Yesterday, as expected, gold continued its upward trend before retreating, closing with a bearish candlestick pattern with upper and lower shadows. Over the past few days, the market has consistently shown a pattern of prices initially falling from a high before reaching a new high and then plummeting, or initially reaching a low and then breaking a new low before rebounding.

As shown in the above chart, downward support remains strong. Yesterday, after testing the lower limit of the rising trendline, the price began to rebound and is currently testing resistance at the middle limit of the hourly boll line. Today will see the non-farm payroll data. Due to the US government shutdown, there's still uncertainty about whether it will be released, and yesterday's initial jobless claims were also delayed. Regardless of whether the data is released tonight, technically, we can consider the 3895-3820 range.

Trading Recommendation: Short near yesterday's high, long near yesterday's low. Watch for a break of the 3868-3852 range in the Asian session.

Resistance: 3862, 3868, 3885

Support: 3852, 3843, 3828

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3 окт.

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If you don't have a detailed trading plan for gold, follow my updates. I'll update my strategies and ideas daily for your reference, helping you avoid detours on your trading journey.