Gold Bears Dominating! Jump on the Trend!
In early Asian trading on July 17, spot gold edged lower, trading near $3,983.60 per ounce and touching a two-week low. Iran's threat to close the Strait of Mandeb has further heightened geopolitical tensions, exacerbated inflation concerns, and boosted expectations for interest rate hikes. Amidst a volatile global geopolitical landscape, gold—a traditional safe-haven asset—has suffered a rare and significant setback.
For short-term gold trading, the recommended approach is to prioritize selling on rallies and consider buying on pullbacks as a secondary strategy. Key short-term resistance lies in the $4,065–$4,070 range, while key short-term support is found around the $3,960–$3,980 level.
Reference Gold Trading Strategies:
Short Position Strategy:
Strategy 1: Sell (bet on a decline) in batches near $4,015–$4,025, allocating 20% of the position; set stop-loss at $4,050; target $3,980–$3,960, with a potential move to the $3,940 level if the support breaks.
Long Position Strategy:
Strategy 2: Buy (bet on a rise) in batches near $3,940–$3,950, allocating 20% of the position; set stop-loss at $3,920; target $3,980–$4,000, with a potential move to the $4,020 level if the resistance breaks.
source https://www.tradingview.com/chart/GOLD/oOkUxtSk-Gold-Bears-Dominating-Jump-on-the-Trend/
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