XAUUSD: There is $30 of room for callback, continue to sell

17 Mar

In last Friday's article, I said that there is no reason to chase the 3000 integer mark, and I also compared the pros and cons of long and short with you. Then the gold price fell back to 2980 as expected, and the friends who followed my copy trading all made good profits.

From the 4H chart, the current 3000 points are at the top position, and the possibility of continuing to break upward is not great. The primary support below is the previous high position of 2955-2950, ​​and it is also the 0.618 position of the Fibonacci retracement of this rise. So next if you want to continue to be bullish, this is the right position.

I personally think that the 2955-2950 area will be the dividing point between long and short gold this week, and everyone needs to pay close attention to the performance of this area.

Today I will definitely continue to be bearish on gold. The area around 2990 is a sell position. As long as it falls below 2880, there is great hope for a pullback to the support below.

17 Mar

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