Ascending Triangle Hints at One More Push to 3800?

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Currently, gold is encountering resistance around 3790-3800, and the bullish momentum has slightly weakened, but the overall pattern is still bullish. Moreover, judging from the two recent pullbacks, although the bears were given the opportunity to escape from the predicament, they were supported near 3750 and rebounded many times. The strong buying support below greatly limited the retracement space.

Gold has formed an ascending triangle structure in the short term. If this structure is valid, then gold as a whole may still hit 3800, or even continue the upward trend to the 3820-3830 area, which is also the upward limit area I mentioned earlier; but this condition must be established under the premise that gold cannot fall below the 3760-3750 area during the short-term retracement.

Therefore, it is clear that the short-term structural support of gold is located in the 3760-3750 area, and the further strong support below is located in the area around 3730. At present, gold is in the ascending triangle structural resistance area of 3775-3785, so there is still a chance of a pullback in the short term.

Therefore, for short-term trading:

1. For the time being, consider shorting gold in the 3775-3785 area, with a retracement target of 3765-3755.

2. Once gold retraces to the 3765-3755 area, consider going long on gold based on market fluctuations and structural support.

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Zlecenie aktywne

Gold just retreated rapidly to around 3763, just touching our expected area: 3765-3755. And successfully hit TP: 3765. The short position we created near 3777 successfully made a profit of 120pips. If you have followed my short trading strategy, you should have made a good profit by now. Locking in profits in time is the key, so next let’s focus on opportunities to go long on gold!

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Transakcja zamknięta: osiągnięto wyznaczony cel

Gold has just dropped to 3760 twice but failed to break through it effectively. So when it did not break through 3760 in the second test and rebounded, my VIP members and I once again chose to go long on gold around 3763 as planned. Now that gold has rebounded to around 3769, our long positions have started to make profits again. Let’s see if gold can continue its upward trend!