Every pullback in gold is an opportunity to open a long position

Gold broke out on Friday, and short-term bullish momentum remains. Short-term pullbacks offer further opportunities for long positions. Earlier, I recommended a strategy for establishing long positions on pullbacks.

Gold's 1-hour moving average continues to form a golden cross and bullish formation, and the 1-hour moving average still has upward momentum. Since gold didn't experience a rapid surge and then a decline after breaking out, it seems the bulls have stabilized at a high level. Short-term support is at 3358. A pullback to around 3365 could prompt further long positions, maintaining a bullish outlook.

The market is volatile, and gold bulls ultimately turned the tide, spurred by Powell's remarks. Gold bulls are in a stronger position, so continue to follow their lead and maintain their bullish trend. In the short term, as long as gold doesn't fall below 3350, the bull market remains strong.

My previously mentioned strategy: Long positions opened around 3360 have already yielded significant profits. You can reduce some of your holdings, retaining some to watch for a rebound. Those who haven't participated can continue to wait for a pullback to the 3360-3365 area and open positions to anticipate further rebounds.

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