XAUUSD: Wait for gold to rebound and continue selling
These past few days, I've been consistently pointing out that gold has reached its peak, and today is no exception. I'm preparing to sell again at the rebound high around 2342-2340.
From a technical perspective, the current hourly moving average for gold has started to turn, and the MACD indicator has formed a death cross pattern. Additionally, it has already broken below the support of the dual moving averages and is being suppressed by a downward trendline. The fact that it rebounded this morning to 2346 and then fell under pressure again indicates a high likelihood of continued oscillation and decline. So, we shouldn't rush; instead, we should patiently wait for the rebound to around 2340 before selling again.
After each market movement, it's a baptism for those involved. Some are overjoyed, while others are once again taught a lesson by the market. Market trends change in an instant; sometimes, within a second, the trend can shift. That's why it's crucial not to be stubborn. If you're wrong, don't stick to it stubbornly. As the saying goes, "If you leave with a green mountain, you won't worry about firewood."
Lately, gold has been oscillating within a large range without a clear one-sided trend. In the past few days, gold has been fluctuating back and forth. Since it can't break new highs, it's likely forming a topping pattern at high levels. Additionally, short-term indicators are starting to turn bearish. After the market's turbulence settles, a major trend will emerge. Once the major trend is established, we'll continue to thrive with the prevailing trend.
From a technical perspective, the current hourly moving average for gold has started to turn, and the MACD indicator has formed a death cross pattern. Additionally, it has already broken below the support of the dual moving averages and is being suppressed by a downward trendline. The fact that it rebounded this morning to 2346 and then fell under pressure again indicates a high likelihood of continued oscillation and decline. So, we shouldn't rush; instead, we should patiently wait for the rebound to around 2340 before selling again.
After each market movement, it's a baptism for those involved. Some are overjoyed, while others are once again taught a lesson by the market. Market trends change in an instant; sometimes, within a second, the trend can shift. That's why it's crucial not to be stubborn. If you're wrong, don't stick to it stubbornly. As the saying goes, "If you leave with a green mountain, you won't worry about firewood."
Lately, gold has been oscillating within a large range without a clear one-sided trend. In the past few days, gold has been fluctuating back and forth. Since it can't break new highs, it's likely forming a topping pattern at high levels. Additionally, short-term indicators are starting to turn bearish. After the market's turbulence settles, a major trend will emerge. Once the major trend is established, we'll continue to thrive with the prevailing trend.
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Close to the Sell position, ready to Sell
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