Tend to short gold, it may still retrace to 3360-3350 areaAt present, gold as a whole is still fluctuating in the 3395-3365 area. In the short term, both long and short sides are not willing to break through. They may be waiting for the guidance of the Fed's interest rate decision and Powell's monetary policy press conference. However, from the current oscillation structure, because the high point of gold rebound and the low point of retracement are gradually moving downward, the center of gravity of the candlestick chart is shifting downward, and the weight of gold shorts is slightly higher.
From the current structure, 3395-3405 has become a new round of pressure area. Gold has been unable to break through for a long time, and has tried to accelerate downward many times during the retracement process. Although it can stabilize above 3375-3365, it may be easier to break through below after several tests. Once the 3375-3365 area is broken, gold may even continue to move to the 3360-3350 area.
Therefore, within the 3395-3365 oscillation range, we can temporarily maintain the trading rhythm of selling high and buying low in the short term, while we must pay attention to the breakthrough of gold. Once gold breaks through, the trend may be continued, and we need to follow the trend to execute transactions!
