Gold pulls back as expected, you can continue to sell

In my previous trading strategy, I reiterated my view that gold prices would continue to fall if they couldn't break through 3370 in the short term.

And indeed, gold's performance behaved as expected. After hitting 3370, it fell again, reaching a low of 3350.

Technically, the current correction in gold prices hasn't concluded. The Fibonacci retracement indicator for the 3408-3330 trend shows that 3370 is at 0.5, and 3360 is at 0.618, representing resistance. Meanwhile, the MACD indicator has formed a death cross.

Therefore, we do not need to make any changes to our trading strategy. As long as 3370 is not effectively broken, we can continue to short based on the resistance range.

Trade setup is as follows:
Sell near the 3360-3370 area
First target 3350
Second target 3340
Final target 3330
Stop loss at 3380

📣If you have different opinions, please leave a message below to discuss

交易开始

Successfully reached the primary target 3350

交易结束：到达目标

The just-released initial jobless claims data and PPI annual and monthly data are all bearish for gold. Gold prices are expected to fall further, so we will wait and see.

注释

As expected, the gold price continued to fall and successfully reached the target of 3340

注释

The final target 3330 has also been successfully reached, cool