Leng Yijie: 2.10 Gold looks at the completeness of wave C's strength, continue to go long on crude oil

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Gold still primarily focuses on the resistance level around 0.618 at approximately 5140. Gold surged to the head and double top pattern, with the trend slowing down. The bullish and bearish sentiment may continue to heat up. Conservative traders can wait for the price to break above 5100 before entering. Before the non-farm payroll data release tonight, the preference remains to seek low-level long positions. Currently, it is in a consolidation phase starting from the lower level of 4400, with potential for upward movement. Operate in line with the trend for short-term trades; wave trading still requires patience.

Gold: 【1】Pull back to 5010-4980 in stages, with a stop loss at 4960, targeting 5080-5100-5140 for a breakout upward.

【2】Pay close attention to the 5140 resistance level before and after the non-farm payroll data. A break above it would fully open the upward space again.

Crude Oil emphasized continuing to buy on dips yesterday, and the current position above the 60-day moving average remains bullish. The upper target is around 66.0-68.0. The MACD indicator repeatedly crosses the zero line, maintaining the strategy of buying on dips.

Crude Oil: 【1】Buy around 63.0-63.2, with a stop loss at 62.0, targeting 64.0-66.0.

This article is provided by financial analyst Leng Yijie.