$XAU 3990 was tested twice; I don’t dare bet on a third time
Gold prices over the past two days look like they may have stopped falling, but I’m not convinced.
Last Friday and yesterday, New York futures dipped toward 3990 twice and were both pulled back up. Right now they’re fluctuating around 4020. I admit there’s buying support below.
But every rebound has lacked strength. TD Securities believes gold needs to rise above around 4092 before CTAs will start covering short positions. Until it gets above that level, I’m treating this kind of bounce as just a technical rebound.
So I’m bearish, but I’m not chasing shorts. If 3990 is tested a third time and still bounces back, then the support below is real, and I’ll ease up on my bearish stance. If it fails to hold this time, that’s another story.
The above is only my personal view and does not constitute investment advice.#BitMine增持10452枚ETH $BTC
Gold prices over the past two days look like they may have stopped falling, but I’m not convinced.
Last Friday and yesterday, New York futures dipped toward 3990 twice and were both pulled back up. Right now they’re fluctuating around 4020. I admit there’s buying support below.
But every rebound has lacked strength. TD Securities believes gold needs to rise above around 4092 before CTAs will start covering short positions. Until it gets above that level, I’m treating this kind of bounce as just a technical rebound.
So I’m bearish, but I’m not chasing shorts. If 3990 is tested a third time and still bounces back, then the support below is real, and I’ll ease up on my bearish stance. If it fails to hold this time, that’s another story.
The above is only my personal view and does not constitute investment advice.#BitMine增持10452枚ETH $BTC
