Guanlan Discussion on Gold: Short-term Double Top Signal Emerges, Beware of Reversal at High Levels

Last night's gold price hit the 4350 mark but faced resistance and retreated, showing significant short-term pressure signs. Today's non-farm payroll data is about to make a heavy appearance. Before the data is released, the market is likely to maintain a high-level oscillation pattern. Caution is needed to avoid the risk of chasing highs blindly.

From the hourly chart perspective, gold has formed a double top prototype. If the rebound strength during the day is weak and the price breaks below the key support level of 4285, this top pattern will be officially established. It is worth noting that this time, the gold price's second attempt to test the 4350 area was unsuccessful. If it cannot break through and stabilize above this resistance, the market may even form a triple top pattern on the hourly chart, and the adjustment pressure will further intensify.

Specific gold trading strategy:

Short gold when it rebounds to the 4340-4347 range, add to the short position in the 4352-4360 range, set a stop loss at 4368, and target around 4280-4290.

The trading market is ever-changing; one should not stick to a single mindset. Only by adjusting strategies in accordance with the trend can one stand firm. The market will not change direction due to personal obsessions; stubbornly holding onto positions will only lead to elimination by the market. Trading is not about clinging to a position until the end, but about being flexible and responsive to the situation. The market has always been adept at dealing with various forms of non-compliance; rather than going against the trend, it is better to follow market rules and be a flexible trend follower. #黄金 $BTC $ETH