The big C wave of gold fell, and the rebound next week continued

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Gold Spot / U.S. Dollar (OANDA:XAUUSD)

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OANDA:XAUUSD Gold Spot / U.S. Dollar

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In the first half of this week, gold has been empty all the way, and gold has been falling all the way. After the strong rebound of gold on Friday, it did not stand firm. It still rose and fell back. It is the news that stimulates the bull market. So what will happen to the market next week?

The triple top in the gold weekly chart continues to suppress gold. In fact, even if it rebounds on the daily line, it is only a rebound. There is no obvious sign of a daily reversal. Gold will continue to be suppressed by the triple top and continue to fall. After five waves of rising on the daily line, the adjustment range of wave A dropped from 2079 to 1932, which is about 147 US dollars. Wave B rebounded from 1932-1983 to about 51 US dollars. Generally, the amplitude of wave C in the futures market can be the same as that of wave A. Then the wave C of gold is about 1983-147, which is about 1836. Therefore, the daily line is still medium and long-term, or continue to be bearish.

On Friday, gold in the U.S. market soared to around 1938 and fell again. The Federal Reserve Bostic said that it supports not raising interest rates this year. Gold rose rapidly, but in the end it still failed to make a reversal of gold and fell directly back to the rising point, then the effect of the news was fully digested, and it failed to form a reversal support for gold, and the rebound near 1928 next week will continue to be bearish .

The market is changing rapidly, so don’t be afraid of making mistakes during the trading process, but you must correct your mistakes in time, instead of making mistakes once and for all. When the market conditions change, you must make adjustments in accordance with the market. This is the way of trading.

Next week's operation idea

Gold 1928 empty, stop loss 1936, target 1910-1900;

If there is a loophole in my analysis, please add it for me below, I will be happy to accept and learn.