5/16 GOLD strategy
Hello guys, my name is Nick, from today onwards, I will be sharing my insights in two languages, hoping that you will enjoy and follow my posts. i have been in the trading industry for 17 years, I have developed a trading model that can generate stable profits, achieving a maximum of 170% in a year and averaging over 30% annually. The key advantage of this model lies in its high efficiency in identifying support and resistance levels, with an accuracy rate of over 70%. I warmly welcome everyone to join me in discussing and exploring this further.
After the CPI announcement yesterday, gold prices initially rose, then fell, and subsequently rallied again to break through previous highs.
Today's strategy remains buying on dips, but we cannot rule out the possibility of a price pullback due to profit-taking by bulls.
The model's support levels have been updated again:
1-hour support: 2370
2-hour support: 2355
4-hour support: 2340
At this stage, if you are not an aggressive trader, it is not advisable to go short lightly. Wait for the price to fall to the support level before entering the market.
Someone asked me what to do if the price goes up again without reaching the support level. My answer is to continue waiting and not rush into the market. Oftentimes, staying out of the market is a blessing.
I don't think the price will break through the historical high of 2430, as the fundamentals are not strong enough. Although yesterday's CPI data was favorable for gold, it is not enough to prompt the Federal Reserve to accelerate its interest rate cut plans. The current rally is a market reaction, and the market will eventually return to a calm period after this reaction.
In the long run, gold prices are still expected to rise, but the time is not yet ripe, and a correction is needed.
After the CPI announcement yesterday, gold prices initially rose, then fell, and subsequently rallied again to break through previous highs.
Today's strategy remains buying on dips, but we cannot rule out the possibility of a price pullback due to profit-taking by bulls.
The model's support levels have been updated again:
1-hour support: 2370
2-hour support: 2355
4-hour support: 2340
At this stage, if you are not an aggressive trader, it is not advisable to go short lightly. Wait for the price to fall to the support level before entering the market.
Someone asked me what to do if the price goes up again without reaching the support level. My answer is to continue waiting and not rush into the market. Oftentimes, staying out of the market is a blessing.
I don't think the price will break through the historical high of 2430, as the fundamentals are not strong enough. Although yesterday's CPI data was favorable for gold, it is not enough to prompt the Federal Reserve to accelerate its interest rate cut plans. The current rally is a market reaction, and the market will eventually return to a calm period after this reaction.
In the long run, gold prices are still expected to rise, but the time is not yet ripe, and a correction is needed.
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