Since the end of June, it was predicted that gold would experience a significant trend. By yesterday, 7/16, in just three weeks, gold accelerated its rise and broke historical records.
Many students consulted yesterday, asking how far this relentless surge in gold would go without taking a break.
Yesterday, the teacher also discussed this trend. After seeing 2482 in the Asian session today, a few market sentiments were identified from the K-chart, revealing some clues.
Since the bearish trend structure at the end of last month was altered, before gold broke 2340, the bearish market still hoped for a pullback.
Key levels 2368 and 2383 were broken, and the bearish side had already been cut a few times, shifting to bullish with key levels at 2354 and 2418 becoming more evident.
From 2354 to 2382, gold moved a total of 128, equivalent to a month's average gold volatility.
Calculating from 2354, the profit rate was 128 gold units. From 2418 to 2482, approximately 64 gold units, which is half of the 2354-2382 range.
Looking at key prices around 2418 to 2420, there was almost no pullback, just a direct surge because of increased bullish participants, leaving no room for shorts (2418 is a potential position for adding to bullish positions).
Breaking the historical high of 2450 brought more buyers in, pushing the price directly to 2482.
Currently, we are monitoring the key price range of 2450 to 2464 for a pullback correction. This gold surge isn’t over yet, with the Fibonacci expansion at 1.618 indicating a potential target of 2515.
Under the "bullish trend," remember not to "short" hastily. Do not assume that just because gold has risen significantly, it will fall. The gold uptrend is still ongoing, with a calculated risk-to-reward ratio allowing for 50-60 more gold units of profit.
