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XAUUSD:8/11 Today’s Trading Strategy

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Looking at the 4-hour chart, the Bollinger Bands are opening downward, and gold has encountered resistance and fallen since last Friday's high of 2004. There is only a single positive line on the K line, which is structurally very weak. Yesterday, the US market closed with a positive line in the 4-hour period. Seen as a correction, a single positive cannot change the trend. In addition, the continuous decline has made the indicator seriously oversold. The stochastic strength indicator RSI has reached the bottom with signs of turning. The short-term rebound correction is also reasonable. The rebound is for fell.

In the short term, gold is currently in a downward trend and has turned from a very weak form to a concussive trend. The price has temporarily formed a double bottom support rebound near 1953. It is expected that there will be a second bottom move after the rebound correction. If the second bottom does not reach a new low, this wave of decline will come to an end. At that time, go long on dips. If it breaks below 1953, it will start a new round of decline. Today, we will continue to pay attention to the support situation in this area. If gold continues to weakly break below the support, then the price below Looking further towards the vicinity of 1940. The top short-term focus is on the resistance near 1975/1978. This is near the low point of the previous high point shock. It is currently running downwards and pay attention to the top-bottom transition. If it continues to strengthen, focus on the vicinity of 1986, which is the golden section of 0.618 where gold fell by 1956 since 2004. But if gold rebounds too strongly, then you need to be careful that the market may fluctuate at a high level. In terms of gold operation ideas, it is recommended to focus on short selling on rebounds.

BUY:1955-1957
SL:1950
TP1:1965
TP2:1970

SELL:1970-1973
SL:1978
TP1:1965
TP2:1960