Driven by the dual influence of interest rate cut expectations and the job market, gold prices continue to rise and reach new highs. This is entirely a game played by big money at this stage. Buying sentiment in the gold market is currently so high that most of the time, there's no opportunity to even enter a long position. Therefore, after considering the possible phenomenon of "buying expectations and selling facts", while controlling risks, I carefully tried to short gold. Although I suffered losses frequently, I also made a good profit overall because I successfully captured the volatility.
Currently, gold continues to rise and has reached a high of around 3637. In fact, according to its wave pattern, gold may experience a pullback at any time. This is why I insist on shorting gold today.
The 1st wave: Gold rose from around 3405 to around 3508, a 3.1% increase with a fluctuation of $105.
The 2nd wave: Gold rose from around 3470 to around 3578, a 3.16% increase with a fluctuation of $108.
The current wave: Gold rose from around 3512 to its target of around 3637, a 3.5% increase with a fluctuation of $124.
According to the trend of price fluctuations, gold has reached and, to a certain extent, exceeded the previous two waves, so a pullback is possible at any time.
Furthermore, given that intraday fluctuations have been between $30 and $50 in recent days, and the intraday fluctuation of gold from around 3580 to around 3637 reached $57, a short-term pullback is highly likely.
However, because the bullish momentum of gold is strong, I will continue to try to short gold before a clear peak signal appears, but I may appropriately lower my expectations for gold's pullback, that is, appropriately lower my expectations for profit margins. My current short position entry prices are: 3612, 3621 and 3636. Basically, I add positions every time the fluctuation is 100-150pips. I currently hope that gold can retreat to the area around 3610-3600.
Currently, gold continues to rise and has reached a high of around 3637. In fact, according to its wave pattern, gold may experience a pullback at any time. This is why I insist on shorting gold today.
The 1st wave: Gold rose from around 3405 to around 3508, a 3.1% increase with a fluctuation of $105.
The 2nd wave: Gold rose from around 3470 to around 3578, a 3.16% increase with a fluctuation of $108.
The current wave: Gold rose from around 3512 to its target of around 3637, a 3.5% increase with a fluctuation of $124.
According to the trend of price fluctuations, gold has reached and, to a certain extent, exceeded the previous two waves, so a pullback is possible at any time.
Furthermore, given that intraday fluctuations have been between $30 and $50 in recent days, and the intraday fluctuation of gold from around 3580 to around 3637 reached $57, a short-term pullback is highly likely.
However, because the bullish momentum of gold is strong, I will continue to try to short gold before a clear peak signal appears, but I may appropriately lower my expectations for gold's pullback, that is, appropriately lower my expectations for profit margins. My current short position entry prices are: 3612, 3621 and 3636. Basically, I add positions every time the fluctuation is 100-150pips. I currently hope that gold can retreat to the area around 3610-3600.
Trade active
According to the trend line marked in my figure, the current trend line resistance is in the 3645-3655 area, so in this area I would consider making a last attempt to continue adding positions to short gold, which is also in line with the expectation of adding positions in fluctuations of $10-15.Tips for adding positions are as follows: In order to control trading risks, we try to use a small trading volume when we first try to short gold. When adding positions, we can appropriately increase the trading volume according to our account situation. This will help to increase the average price in the transaction. Never use large trading volumes at the beginning to avoid overloading the account. This is also a point that I have repeatedly reminded channel members to pay attention to.
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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.