Chen Bin's Point of View: Gold deviates from the moving average on 11.28, it is not suitable to chase after a long position. It is better to short in the morning and then go long!
The beauty of life does not lie in the indulgence after hard work, nor in self-indulgence. The real beauty lies in the process of struggle. Do not let the brief scenery lose the pace of progress. Reflection comes from calm decision-making, not from impulsive fantasies. Only by maintaining hope and pursuing something can one continue to move forward. Just like trading, it will not stagnate due to someone's loss and arrogance. Those who are eliminated are always the ones who used to be arrogant. Opportunities are always left for those who are prepared, not for dreamers.
In this recent rise of gold, the upward trend seems relatively slow, but it is actually very stable. Many people see the slowness but overlook the stability. They always feel that there will be a retracement when they encounter pressure, and get excited when they see a bearish candle. However, in the end, the market consumes the downward momentum in a sideways manner. It has been oscillating above 2000 after the retracement from the previous high. When you do not understand or are unclear, entering this trade becomes a burden. You always feel that it will fall, and holding a long position feels like sitting on pins and needles, while the short position either ends up in a trap or a stop loss.
The sustained rise is mainly due to the perfect retracement and rebound last week, holding the low point at 1965 and breaking through the weekly MA5 or approaching this pressure point. The subsequent rise becomes reasonable. The change in mindset often requires self-persuasion. Many people cannot do this. They are willing to desperately affirm their own views, even if they are wrong, which is futile and even a disguised harm to their funds. Who can give up their original ideas at this time and reposition themselves objectively will make progress. Just like this recent rise, stubbornly holding on is self-harm.
This time, the gold price is far from the moving average, and there are two support levels for retracement. First: the support level at 2000 before the last high was reached. Second: the position of the previous 2005 top and bottom conversion, which is also the low point of the retracement early this morning. In addition, the support of the 5-day moving average is also around 2005. The maximum limit will be a retracement and rebound. However, in the face of such a strong rise and high prices, it is not advisable to chase after a long position directly!
Regardless of today's situation, it is necessary to go long once the price retraces to the 2004-2001 area. Due to the significant deviation from the 5-day moving average, I do not want to rush into trading during the Asian session. It is too aggressive to enter near 2017. One or two more retracements are needed, so I do not like to become more reckless or arbitrary after repeated profits. I tend to lean towards a more stable trading strategy. There are currently no plans for the Asian session. I am not afraid to miss the opportunity to enter at 2016-2017. It's similar to last Tuesday when the price reached 1994 before the U.S. session, and many people felt that the price was too high to go long. However, the long position at 1985 after the retracement still made a profit of 20 dollars. Today, I will consider going long near 2000 during the retracement, or if there is an increase in the Asian session, I will enter long around the last support before the last high point in the U.S. session. At this time, I do not plan to rush into building a long position, and for today's aggressive morning session, I may take a light short position.
November 28th Gold Trading Recommendations:
Short with a light position at the current price of 2016-2017, stop loss at 2022, target 2007-2005.
Go long again at the retracement of 2004-2021, stop loss at 1996, target 2020-2025.
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