Today, I clearly predicted that "cyclical patterns suggest a 600-pips drop in gold." Gold surged to around 3675 before retreating, reaching a low of around 3626, a fluctuation of 490 pips. It was very close to my expectation, so according to my trading model, I won a big victory in long and short trading today!
Day Trading Results:
1. First, we shorted gold near 3658 and closed the trade at TP: 3638, for a profit of 200 pips.
2. We shorted gold twice at 3655-3656, closing the positions manually at 3647 and 3645, respectively, for a total profit of 190 pips.
3. We shorted gold in batches near 3667 and 3673, closing the trade at TP: 3650, for a total profit of 400 pips.
4. We longed gold in batches near 3632 and 3628, closing the trade at TP: 3642, for a total profit of 240 pips.
Thus, today's total profit on both long and short trades was 1030 pips. I am very satisfied with today's trading model and results.
As for my view on the gold market in the future, I believe that the current gold market is still in an environment of interest rate cut expectations, and the macroeconomic background still has a significant supporting effect on gold. The current bullish trend of gold has not changed, and short-term fluctuations will not affect the overall direction. Therefore, before the interest rate cut is implemented (the Federal Reserve announces its interest rate decision on September 17), gold will still maintain an upward structure.
Judging from the candlestick chart, as long as gold remains above 3600, gold will remain in a bullish structure and maintain an overall upward trend. Although gold began to retreat after touching around 3675, and the bullish momentum no longer seems strong, I believe that gold has limited room for retreat in the short term. Even if the bulls no longer recover their previous strong momentum, gold is expected to maintain a high-level volatile trend, with the short-term support below at 3630-3620. If it is difficult for gold to fall below this area in the short term, gold may still hit the 3670-3680 area during the rebound.
Therefore, in the next short-term trading, if gold first retreats to the 3630-3620 area, we can consider trying to go long on gold, first looking at the 3650-3660 target area；If gold touches the 3670-3680 area again during the rebound, we can still try to short gold again, and the retracement target will first look at the 3655-3645 area.
Day Trading Results:
1. First, we shorted gold near 3658 and closed the trade at TP: 3638, for a profit of 200 pips.
2. We shorted gold twice at 3655-3656, closing the positions manually at 3647 and 3645, respectively, for a total profit of 190 pips.
3. We shorted gold in batches near 3667 and 3673, closing the trade at TP: 3650, for a total profit of 400 pips.
4. We longed gold in batches near 3632 and 3628, closing the trade at TP: 3642, for a total profit of 240 pips.
Thus, today's total profit on both long and short trades was 1030 pips. I am very satisfied with today's trading model and results.
As for my view on the gold market in the future, I believe that the current gold market is still in an environment of interest rate cut expectations, and the macroeconomic background still has a significant supporting effect on gold. The current bullish trend of gold has not changed, and short-term fluctuations will not affect the overall direction. Therefore, before the interest rate cut is implemented (the Federal Reserve announces its interest rate decision on September 17), gold will still maintain an upward structure.
Judging from the candlestick chart, as long as gold remains above 3600, gold will remain in a bullish structure and maintain an overall upward trend. Although gold began to retreat after touching around 3675, and the bullish momentum no longer seems strong, I believe that gold has limited room for retreat in the short term. Even if the bulls no longer recover their previous strong momentum, gold is expected to maintain a high-level volatile trend, with the short-term support below at 3630-3620. If it is difficult for gold to fall below this area in the short term, gold may still hit the 3670-3680 area during the rebound.
Therefore, in the next short-term trading, if gold first retreats to the 3630-3620 area, we can consider trying to go long on gold, first looking at the 3650-3660 target area；If gold touches the 3670-3680 area again during the rebound, we can still try to short gold again, and the retracement target will first look at the 3655-3645 area.
Trade active
Gold has retreated to my expected long entry area: 3630-3620 area. If gold is difficult to fall below this area, it may rebound again with the support of this area, so we can still consider continuing to try to go long on gold in this area.Trade closed: target reached
Brothers, we followed the above long trading strategy to create a long position near 3628 overnight, and the 3620 limit long position we set after the opening of the Asian session today was activated. So far, gold has rebounded to around 3640, and our long positions have made considerable profits. Unfortunately, because we set the TP to 3645, we missed the opportunity to close the position at the high point near 3640. However, we still took advantage of the good profit and took the opportunity to complete the manual closing near 3635, making a total profit of 220 pips.If you followed my long trading strategy above and bought gold in the 3630-3620 area, I believe you also made a relatively good profit. Congratulations!
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✅ Exclusive signals, charts & strategies shared daily
🔥 Catch every market move with me!
👉 Telegram Group：t.me/Steffen_S68
Related publications
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
📈Smart money never sleeps.
✅ Exclusive signals, charts & strategies shared daily
🔥 Catch every market move with me!
👉 Telegram Group：t.me/Steffen_S68
✅ Exclusive signals, charts & strategies shared daily
🔥 Catch every market move with me!
👉 Telegram Group：t.me/Steffen_S68
Related publications
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.