Gold Late-Session Trading Strategy, May 16

📊Before the US market today, the gold price rebounded rapidly after falling to 3154, indicating that there is obvious buying support at this position. The first wave of rebound quickly pulled up to 3185, with a unilateral increase of more than 30 US dollars, and the rebound strength is considerable.

📊It should be noted that this rapid rise is often accompanied by emotional fluctuations and is not suitable for blindly chasing the rise. We still adhere to the principle of "more watching and less action", and should be more cautious in short-term operations, and do not try swing trading easily. If you already have a position, it is recommended to seize the existing profits and avoid greed that may lead to profit taking.

📊From the technical structure, the gold price fell back after breaking through the first wave of rebound high 3185 in the evening, and fell back to the lowest level of 3171, and then rebounded again, indicating that the short-term support in this area is effective. Currently, we focus on the breakout of 3185:

🔶If 3185 is effectively broken and stabilized at night, the space above it is expected to open up, and the gold price may test the resistance of 3200-3205. This area is also an important short-term short position layout opportunity;
🔶If 3185 fails to break through effectively, there is still a possibility of a decline, and the short-term adjustment will continue

✅Intraday trading strategy
🔰Gold Sell: 3200-3205, Stop Loss: 5-8$
Target: 3170-3150, if it breaks, look to 3120
🔰Gold Buy: 3120-3123, Stop Loss: 5-8$
Target: 3155-3170, if it breaks, look to 3190

✅Trading strategies are time-sensitive. We will provide members with real-time and accurate trading strategies based on market changes. Short-term trading requires flexibility, timely adjustment of positions, strict risk control, and ensuring that you are not affected by large fluctuations.