Gold, continue to sell today
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In terms of gold, as expected, it continued to decline yesterday, testing the previous low near the 120-day moving average with consecutive bearish days. However, there was some consolidation during the day, likely due to the speculation regarding the daily downtrend. Two potential signals were discussed:
1. The potential formation of consecutive bearish days on the daily chart.
2. When zooming in to the H4 and H1 timeframes, there is a clear pattern of consecutive bearish and small bullish movements, indicating potential weakness.
However, during the European session yesterday, there was a pullback that broke above the morning high, leading to upward consolidation. In the US session, there was a significant drop without any retracement, which means there was no opportunity for a second bearish move.
Nevertheless, the fact that the daily chart continues to revisit the previous low, combined with the increasing rhythm of consecutive bearish days, indicates a high probability of further downside. The repeated testing of the support level suggests that there is not much support at that position, increasing the likelihood of a breakdown.
At the same time, after a significant decline on the previous day followed by a small retracement on the second day, regardless of whether the daily chart shows bullish consolidation or rebounding oscillations, it is important to approach the situation with a bearish bias, considering the presence of consecutive bearish days on the chart.
For short-term bearish positions after a previous day's decline and morning retracement, three points to consider are:
1. No significant retracement during the early morning pullback.
2. No resistance at the top of the large bearish candle on the hourly chart.
3. The 38.2% Fibonacci level around 1940, which also acts as a turning point between support and resistance.
Also, pay attention to the strength or weakness of the European session as it is crucial. If the European session shows weakness, there is a high probability of a significant breakdown. If it consolidates and breaks above the morning high at 1940, there may be further decline, but in a consolidating pattern.
Since the 1940 level was tested in the morning, a potential short position could be initiated directly around 1937-1938, with a target around 1926-1928, strong support at 1918, and a stop loss at 1945.
Short-term analysis still depends on the strength or weakness of the European session and the retracement of consecutive bearish days, whether it is a consolidating decline or a significant breakdown. Timing is crucial.
Currently, we continue to hold the sell order at 1939.5. For those with not short positions, direct trading around 1937-1938 is possible, with a target at the 1926-1928 level, strong support at 1918, and a stop loss at 1945.
The above views, for reference only, investment risk, enter the market need to be cautious; please strict stop loss, control the proportion of funds, rational trading.
1. The potential formation of consecutive bearish days on the daily chart.
2. When zooming in to the H4 and H1 timeframes, there is a clear pattern of consecutive bearish and small bullish movements, indicating potential weakness.
However, during the European session yesterday, there was a pullback that broke above the morning high, leading to upward consolidation. In the US session, there was a significant drop without any retracement, which means there was no opportunity for a second bearish move.
Nevertheless, the fact that the daily chart continues to revisit the previous low, combined with the increasing rhythm of consecutive bearish days, indicates a high probability of further downside. The repeated testing of the support level suggests that there is not much support at that position, increasing the likelihood of a breakdown.
At the same time, after a significant decline on the previous day followed by a small retracement on the second day, regardless of whether the daily chart shows bullish consolidation or rebounding oscillations, it is important to approach the situation with a bearish bias, considering the presence of consecutive bearish days on the chart.
For short-term bearish positions after a previous day's decline and morning retracement, three points to consider are:
1. No significant retracement during the early morning pullback.
2. No resistance at the top of the large bearish candle on the hourly chart.
3. The 38.2% Fibonacci level around 1940, which also acts as a turning point between support and resistance.
Also, pay attention to the strength or weakness of the European session as it is crucial. If the European session shows weakness, there is a high probability of a significant breakdown. If it consolidates and breaks above the morning high at 1940, there may be further decline, but in a consolidating pattern.
Since the 1940 level was tested in the morning, a potential short position could be initiated directly around 1937-1938, with a target around 1926-1928, strong support at 1918, and a stop loss at 1945.
Short-term analysis still depends on the strength or weakness of the European session and the retracement of consecutive bearish days, whether it is a consolidating decline or a significant breakdown. Timing is crucial.
Currently, we continue to hold the sell order at 1939.5. For those with not short positions, direct trading around 1937-1938 is possible, with a target at the 1926-1928 level, strong support at 1918, and a stop loss at 1945.
The above views, for reference only, investment risk, enter the market need to be cautious; please strict stop loss, control the proportion of funds, rational trading.
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