5.27 GOLD strategy

27 May

Last week, gold prices fell sharply. We stopped our long position at the support level and immediately entered a short position. Our 1-hour short position entered at 2393 and exited with a profit of 400 points. The 2-hour short position entered at 2380 and exited with a profit of 500 points. The 4-hour and daily charts are used to identify trends, resistances, and supports, but they are not considered as entry and exit signals.

Today, gold is expected to hover around recent lows, waiting for the price to rebound to the resistance level given by the model before entering a new short position. If the resistance is effectively broken, we will switch to a long position.

1-hour Resistance: 2351
2-hour Resistance: 2360
4-hour Resistance is temporarily located at: 2380
Daily Support: 2271

The monthly chart will end in a few days. If gold prices do not increase significantly before the end of the month, it will likely close with two long wicks, indicating a significant risk of a major correction in gold prices in the medium to long term, which requires attention.