Referring to the gold trend last week, the market performance in the first three trading days of this week was basically consistent with it, and today’s market also continued similar operating characteristics.
The current gold price has fallen back to around 3720, which is the second test of this support area. The previous low briefly dipped below 3720 before rebounding, with gains approaching tens of dollars.
From a technical perspective, this pullback is not a clear signal of a decline, but more likely a phased cleansing of bulls whose positions are not firm by the market, the so-called “washout” behavior. This type of correction helps solidify the upward momentum and creates conditions for a healthy breakout of gold prices to new highs.
Regarding trading strategies, all long positions held during the day have been taken profit. I currently prefer to invest in long positions on dips, with the intention of entering a long position between 3715 and 3725.
The above ideas are my personal opinions. The above ideas are personal opinions. If you have a better trading strategy, please leave a message in the comment area and let’s discuss and make progress together!
