Gold shock correction nears end
Updated
Market participants will also be closely watching comments from Fed officials next week. The chance that the Fed will adjust policy in September remains slightly above 50%, according to data from the CME Fed Watch Tool. Market positioning suggests the dollar could face selling pressure if Fed policymakers leave the door open to a rate cut in September.
On the other hand, if Fed officials favor a rate cut closer to the end of the year, the U.S. dollar may hold its ground, making it difficult for gold to gain traction. However, policymakers still have several inflation and employment data to assess before September, and they may not send any clear signals on the timing of a policy shift. The market will also see appearances from several regional Fed presidents. Minneapolis Fed President Kashkari will speak in New York; Richmond Fed President Barkin will speak at an event in South Carolina. New York Fed President Williams will speak at a conference in California; Fed Governor Cook will speak in Washington, D.C., and Chicago Fed President Goolsby will speak at the Economic Club of Minnesota.
In terms of short-term rhythm, looking at the market price in four hours, the pressure position is obviously at the integer mark of 2,400 US dollars, and there is no physical closing line above 2,400 US dollars. At best, it was suppressed by a virtual break of $2,400. However, as the market price hit the $2,400 mark many times and failed to form an effective breakthrough, it then adjusted downward and corrected, which is what we often talk about accumulating strength. If US$2,400 to US$2,292 is regarded as the first wave downward revision, then US$2,252 to US$2,282 is the third wave downward revision. The correction decline is not a decline in the main trend, and the maximum correction wave does not exceed three waves. And the decline in each wave will be compressed. This wave, which is the third wave correction, will be based on the high point of $2327. Combined with the double bottom position of 2267, there is a high probability that the correction will be completed at the $2267 line. So that means the area around $2,267 is what we think is the correction low.
In terms of specific layout, the third wave of downward revision has not yet completed, and next week it is still necessary to make a high-altitude pullback layout, and then retrace $2,267 before making a backhand. At the beginning of the week, focus on 2310 to suppress the first short-selling layout. Below, focus on the 2292, 2282 and 2267 positions. Focus on the first-line opportunity of touching 2267, and start to place long orders on the backhand. When the correction is completed, the bulls will return! Taken together, in terms of short-term gold operation ideas next week, Jin Shengfu recommends to focus on longs on callbacks, supplemented by shorts on rebounds. The top short-term focus will be on the 2308-2310 first-line resistance, and the bottom short-term will focus on the 2265-2267 first-line support. All friends must keep up. Rhythm. It is necessary to control positions and stop loss issues, set stop losses strictly, and never resist orders. The recent market turmoil has been relatively large, and opportunities and risks coexist. Control risks and gain profits.
On the other hand, if Fed officials favor a rate cut closer to the end of the year, the U.S. dollar may hold its ground, making it difficult for gold to gain traction. However, policymakers still have several inflation and employment data to assess before September, and they may not send any clear signals on the timing of a policy shift. The market will also see appearances from several regional Fed presidents. Minneapolis Fed President Kashkari will speak in New York; Richmond Fed President Barkin will speak at an event in South Carolina. New York Fed President Williams will speak at a conference in California; Fed Governor Cook will speak in Washington, D.C., and Chicago Fed President Goolsby will speak at the Economic Club of Minnesota.
In terms of short-term rhythm, looking at the market price in four hours, the pressure position is obviously at the integer mark of 2,400 US dollars, and there is no physical closing line above 2,400 US dollars. At best, it was suppressed by a virtual break of $2,400. However, as the market price hit the $2,400 mark many times and failed to form an effective breakthrough, it then adjusted downward and corrected, which is what we often talk about accumulating strength. If US$2,400 to US$2,292 is regarded as the first wave downward revision, then US$2,252 to US$2,282 is the third wave downward revision. The correction decline is not a decline in the main trend, and the maximum correction wave does not exceed three waves. And the decline in each wave will be compressed. This wave, which is the third wave correction, will be based on the high point of $2327. Combined with the double bottom position of 2267, there is a high probability that the correction will be completed at the $2267 line. So that means the area around $2,267 is what we think is the correction low.
In terms of specific layout, the third wave of downward revision has not yet completed, and next week it is still necessary to make a high-altitude pullback layout, and then retrace $2,267 before making a backhand. At the beginning of the week, focus on 2310 to suppress the first short-selling layout. Below, focus on the 2292, 2282 and 2267 positions. Focus on the first-line opportunity of touching 2267, and start to place long orders on the backhand. When the correction is completed, the bulls will return! Taken together, in terms of short-term gold operation ideas next week, Jin Shengfu recommends to focus on longs on callbacks, supplemented by shorts on rebounds. The top short-term focus will be on the 2308-2310 first-line resistance, and the bottom short-term will focus on the 2265-2267 first-line support. All friends must keep up. Rhythm. It is necessary to control positions and stop loss issues, set stop losses strictly, and never resist orders. The recent market turmoil has been relatively large, and opportunities and risks coexist. Control risks and gain profits.
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Gold is still mainly short today, with short positions at 2314-16, and 2305-2300 below.Trade active
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Trading is actually a kind of investment. Sometimes a right direction may bring you good profits. Don't treat trading as gambling. If you treat trading as gambling, sooner or later you will lose everything.Trade active
Today's operation advice is still to mainly short at high levels, and short around 2315-2320.Trade active
Today's operation advice is still to mainly short at high levels, and short around 2315-2320.Trade active
Gold can now continue to be sold, and if you are still losing money on your trades, you can contact me directly to find a solution.Trade active
It is still profitable to look for long positions at low levels today. If you want to get my trading signals, follow my signalsTrade active
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There are still opportunities for shorting gold. If you want to know more, you can find it on my channelTrade active
If you are currently shorting gold, you can continue to hold and wait for profit taking. If you want to get more trading information, you can find it in my channel.Trade active
There are still opportunities for trading in gold and crude oil. If you want to know more trading signals, you can find them in my channelTrade active
There are still opportunities for trading in gold and crude oil. If you want to know more trading signals, you can find them in my channelTrade active
There are still opportunities for trading in gold and crude oil. If you want to know more trading signals, you can find them in my channelTrade active
There are still opportunities for trading in gold and crude oil. If you want to know more trading signals, you can find them in my channelTrade active
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Caution is required when trading. If you start in the right direction, it's only a matter of time before you become profitable. I analyze the market daily to bring you the best signalsTrade active
Gold can now continue to be sold, and if you are still losing money on your trades, you can contact me directly to find a solution.Trade active
Gold can now continue to be sold, and if you are still losing money on your trades, you can contact me directly to find a solution.Trade active
Gold can now continue to be sold, and if you are still losing money on your trades, you can contact me directly to find a solution.Trade active
Caution is required when trading. If you start in the right direction, it's only a matter of time before you become profitable. I analyze the market daily to bring you the best signalsTrade active
Caution is required when trading. If you start in the right direction, it's only a matter of time before you become profitable. I analyze the market daily to bring you the best signalsTrade active
Caution is required when trading. If you start in the right direction, it's only a matter of time before you become profitable. I analyze the market daily to bring you the best signalsTrade active
Today’s signal is normal, and I have made good profits. If you want to follow my trading, you can find it on my channel.Trade active
Short-term trading is still possible. There is currently an excellent time to enter. If you want to know more, you can look for signals on my channel.Trade active
Caution is required when trading. If you start in the right direction, it's only a matter of time before you become profitable. I analyze the market daily to bring you the best signalsTrade active
Caution is required when trading. If you start in the right direction, it's only a matter of time before you become profitable. I analyze the market daily to bring you the best signalsTrade active
This week, gold is still looking for low positions to go long, and 2320-2330 can be used to go long directly.
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