10.6 Gold Morning Briefing
Gold is currently trading at 4137.50. After a slight rise at the open, it came under pressure and pulled back. The short-at-higher-levels strategy outlined in last night's midnight update continued to play out, with the price action and target levels forecast accurately.
Technical analysis: On the 1-hour chart, the Bollinger Bands are narrowing downward, and gold is trading below the middle band, indicating clear bearish pressure. The 30-minute Bollinger Bands are also trending downward, and the short-term rebound lacks strength. The slight fluctuations are a weak consolidation following the decline; the broader bearish trend remains unchanged.
Resistance: 4160, 4178; support: 4120, 4110.
Coco's recommendation: Don't try to pick a bottom in the morning session; continue to sell into rallies. Consider short positions on a rebound into the 4155–4175 range, targeting 4120 and 4110. Use small positions and be sure to set stop-losses.
Note: The above is solely my personal opinion and does not constitute investment advice. #黄金
Gold is currently trading at 4137.50. After a slight rise at the open, it came under pressure and pulled back. The short-at-higher-levels strategy outlined in last night's midnight update continued to play out, with the price action and target levels forecast accurately.
Technical analysis: On the 1-hour chart, the Bollinger Bands are narrowing downward, and gold is trading below the middle band, indicating clear bearish pressure. The 30-minute Bollinger Bands are also trending downward, and the short-term rebound lacks strength. The slight fluctuations are a weak consolidation following the decline; the broader bearish trend remains unchanged.
Resistance: 4160, 4178; support: 4120, 4110.
Coco's recommendation: Don't try to pick a bottom in the morning session; continue to sell into rallies. Consider short positions on a rebound into the 4155–4175 range, targeting 4120 and 4110. Use small positions and be sure to set stop-losses.
Note: The above is solely my personal opinion and does not constitute investment advice. #黄金