#黄金
The long position has already been opened. Let's see whether this time it gets slapped.
Stop-loss: below the previous low before the drop (around 4335 for international gold price). Take-profit: 4400. A 2:1 risk-reward ratio.
Rationale:
1、On the daily chart, price is currently pulling back exactly to the 0.618 Fibonacci retracement level.
2、4240 is the support level of the 65-day moving average on the daily chart.
3、4240 is the support level of the 65-day moving average on the weekly chart.
4、If we count from the first wave on 7.17, to the end of the fifth wave on 8.25, that is 28 days.
An adjustment wave is generally 0.618 times the length of the rising wave. 28×0.618=17 days.
Counting from the adjustment wave that started on 8.26 up to today, it is exactly 17 trading days.