GOLD: Maintain a Sell-biased Strategy In the Short Term!

XAUUSD Gold Traders
07-31 14:07

$XAU/USD(XAUUSD.FOREX)$$Gold - main 2612(GCmain)$Technical Analysis: The price of gold has officially broken below the key pivot zone of 4086–4090. The current price stands at 4078, with the intraday decline widening further to -0.60%. This zone has now turned into resistance! The signal for a short-term breakout to the downside is very clear.

With the 4,080 level under pressure, the only strong support remaining below is the support zone at 4,025–4,011 and the psychological barrier at 4,000.

Today is the last trading day of the month. The decline in the Asian session is largely due to some institutional long positions liquidating this month’s profits ahead of schedule. It is crucial to remain highly vigilant: once long positions are fully liquidated during the European and U.S. sessions, it may trigger profit-taking by short sellers, leading to an extremely violent V-shaped reversal and a market shakeout!

For short-term trading, maintain a sell-biased strategy!

Strategy: Sell: 4083–86 TP: 4055 SL: 4098

Futures Club
Join Tiger Futures Club to know more about trading futures!
Disclaimer: Investing carries risk. This is not financial advice. The above content should not be regarded as an offer, recommendation, or solicitation on acquiring or disposing of any financial products, any associated discussions, comments, or posts by author or other users should not be considered as such either. It is solely for general information purpose only, which does not consider your own investment objectives, financial situations or needs. TTM assumes no responsibility or warranty for the accuracy and completeness of the information, investors should do their own research and may seek professional advice before investing.

Comments

We need your insight to fill this gap
Leave a comment