Gold prices soar, where will the short positions go?

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Currently, gold is encountering resistance and falling back near 3893-3895, and the bullish momentum has weakened slightly. As mentioned earlier, the current price has reached our risk area. A large part of the reason for today's rise is that the US government has officially shut down. This kind of news-stimulated rise is not long-lasting. After encountering resistance, it will fall like a waterfall. The technical indicators have diverged and are overbought, and most funds cannot participate in long transactions in this extreme rising pattern. In order to increase liquidity, gold also needs a correction, so we consider continuing to short gold near 3893. To increase liquidity, gold also needs a pullback, so we are considering continuing to short gold around 3893.

Resistance: 3900, 3925

Support: 3872, 3843

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Trade ist aktiv

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Trade geschlossen: Ziel wurde erreicht

Gold fell as expected and is approaching the support level of 3872. If you have friends who followed the strategy and bought in, you can first reduce some positions and observe the support situation at 3872. The next target is around 3850.