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6.29 Gold Midnight Review: Evening session short-selling strategy realized, weakness continues at low levels
The rebound short-selling strategy given earlier in the evening was completely correct; the short entry near 4055 was executed. The market plunged and tested the 4000 mark, and those who followed the short positions pocketed profits. The current gold price is operating around 4026.
Technically, on the 1-hour Bollinger Bands, upper band 4085.64, middle band 4053.07, price continues to be suppressed below the middle band; on the 30-minute Bollinger Bands, upper band 4069.75, middle band 4043.35, the market is running close to the lower band. The RSI indicator is weak at low levels, and bearish forces are dominant.
Short-term support 4020, strong support 4000; resistance 4043, 4069.
Keke's suggestion: Maintain short-selling strategy at midnight, short near 4045 and 4065 on rebounds, targets 4020 and 4000, if broken look at 3990. If the 4000 mark stabilizes, then light long positions with low leverage, strictly control position and use stop-loss.
Disclaimer: The above are only personal opinions and do not constitute investment advice.