Wang Chao: Views and Strategies of Spot Gold Trading on Tuesday,
Wang Chao: Views and Strategies of Spot Gold Trading on Tuesday, June 16
Direction: Oscillation
On the first golden week, the spot market started to decline from around 1730, and the U.S. market dropped to 1704 U.S. dollars.
Then began to pick up, recover some of the decline. As of the close, spot gold fell 0.29% to $1724.58/ounce.
Technical analysis: in the third wave of monthly rise, the weekly price will be adjusted back to the 50-day average and the rally will remain unchanged. The general direction of the multi-headed business will remain unchanged.
The short-term 1745 setback is expected to fall back near 1670, the low point of previous shocks. If it breaks 1745, it will rise 1765;
The mid-term outlook is bullish 1800-1900;
In the long run, if it breaks through 1920, the market outlook is expected to rise to a height of 2700-3700 USD in 5-10 years.
Short-term trading strategy: Gold can be directly short near the current price of 1728, stop loss 1738, and target 1721-1708. If it falls below the current price, look around 1700.
Medium and Long Term Trading Strategy: Around 1730
Direction: Oscillation
On the first golden week, the spot market started to decline from around 1730, and the U.S. market dropped to 1704 U.S. dollars.
Then began to pick up, recover some of the decline. As of the close, spot gold fell 0.29% to $1724.58/ounce.
Technical analysis: in the third wave of monthly rise, the weekly price will be adjusted back to the 50-day average and the rally will remain unchanged. The general direction of the multi-headed business will remain unchanged.
The short-term 1745 setback is expected to fall back near 1670, the low point of previous shocks. If it breaks 1745, it will rise 1765;
The mid-term outlook is bullish 1800-1900;
In the long run, if it breaks through 1920, the market outlook is expected to rise to a height of 2700-3700 USD in 5-10 years.
Short-term trading strategy: Gold can be directly short near the current price of 1728, stop loss 1738, and target 1721-1708. If it falls below the current price, look around 1700.
Medium and Long Term Trading Strategy: Around 1730