GOLD:It is recommended to short at 2670-73

29 Kas

As geopolitical risks and concerns about the trade war continue to boost demand for safe-haven assets, and as institutions participate in large-scale buying, gold prices soared to a four-day high during the Asian session on Friday. The intraday surge of $30 also led to our short losses. It is a completely unexpected market! The current upward trend continues. Since the upper pressure position is close to 2673, it is no longer appropriate to chase more!

In terms of trend, gold has a 4-hour level upward divergence, and has reached highs three times in a row, but the trend is not strong. Today, it is still bearish. In addition, it has been maintained for three days recently, and it has been a slow rise and then a fall. It is currently under pressure at the 2673 line. As Friday approaches, the bulls’ willingness to attack is not necessarily strong. In addition, the current situation is different from the previous deep V market, and gold adjustments have become inevitable!

So I suggest that today’s strategy is to short at 2670-73, and the defense can be seen at 80. The target is to look at 2648 first, and see around 2635 after breaking.

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