With the right direction, the journey is nothing to fear. Time will prove your strength, and strength will secure your future. Let trust become profit, and profit resolve doubts. The market is ever-changing; following the trend is the best path. When trading, remember not to act impulsively. The market is a haven for all kinds of rebelliousness, so never hold onto a losing position without a stop-loss. I’m sure many people have experienced this: the more you resist, the more panic you experience, and your losses continue to magnify, leading to poor sleep and poor eating, and missed opportunities. If you share these concerns, consider following my strategy and I’ll offer some insights to see if they can enlighten you.
A few hours ago, my gold strategy was to open a long position on a pullback near 3360. Since the price has rebounded to around 3370, the long position has already generated a profit. The current volatility is limited, and the profit is currently capped at this level.
Gold Technical Analysis
Last Friday, influenced by Powell’s dovish speech, the price formed a bullish candlestick pattern, breaking through multiple resistance levels between 3355 and 3373, and closing with a bullish candlestick pattern on the daily chart. In the short term, bullish sentiment is stronger due to expectations of rate cuts. A short-term bullish trend is crucial, and pullbacks present opportunities to open long positions.
If gold experiences a pullback today, it will still be an opportunity to open long positions, with the 3355-3360 area remaining a viable entry point. The target is 3385.
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