Gold has currently reached a high of around 4050, but after reaching this area, the upward trend has been suppressed, and the upward momentum has weakened. Gold needs to retreat in the short term. Gold is currently under pressure in the 4050-4060 area. If gold shows obvious signs of stagflation in this area, then gold may usher in a good pullback at any time.
However, because gold is currently in a strong upward trend, its structure and form are in an obvious bullish trend. Therefore, even if the gold market pulls back, the pullback is not expected to be too large in the short term. We should first focus on the support area below, 4000-3990.
Therefore, in volatile markets, even if gold is in a strong bullish trend, gold shorts still have good profit opportunities due to volatility. So in the short term, we can consider trying to short gold in the 4050-4060 area, first aiming at the target area: 4010-4000 area.
If you’re short gold like me, we must be among the first to reap the benefits of a market correction. If you’d like to continue following my trading strategies and signals, be sure to follow me!
