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Gold 4H analysis & trading strategy

🔸Hello everyone! This week, gold hit the 2650 mark for two consecutive days and was blocked and fell back, indicating that there is a lot of short pressure at this position. The current daily line is in a weak oscillation after a big negative line. The weekly line 2790 forms a dusk star pattern, which clearly signals the top; the monthly line closes at a high level, ending the nine consecutive positive rising patterns this year. From the analysis of wave theory, gold has entered the third wave stage of the main falling wave. Combined with the weekly and monthly line structures, it is expected that the decline in December is expected to continue.

🔸The 4-hour chart of gold shows a Bollinger band closing pattern, and the oscillation range gradually narrows to 2660-2622, and the overall situation is still in an adjustment state. Yesterday, the short-term short-selling strategy around the upper rail 2655 performed as expected, and the price fluctuated and fell. The current structure shows a wide range of oscillations of 2665-2605. In the short term, focus on the breakthrough of the upper and lower rails of the Bollinger band.

🔸Today's trading strategy: Asia and Europe will maintain a range-bound oscillation strategy, short around the 2650-2655 area, and look down to the lower track near 2630-2625. After breaking through, follow up operations according to the trend.

🔴Key point reference
🔰Resistance level: 2650-2655
🔰Support level: 2632, 2620

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🔥GOLD BUY @ 2638-2640

⛔️SL 2628

🎯TP 2648-2650
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