Last Friday as the gold market had drop significantly, mostly people thought that the reason why gold market had drop significantly it because US stock market become bearish condition and others investor afraid that will affect gold market so that they close position . It turns out that is hedge fund managers close position to cover their US stock losses. As the gold market drop to 1570 is a good place to do long position. As using 123 cloud system. We assume that the gold market will go ranging and will continue to uptrend.
In USD/CHN price continue to drop, short term perspective we think that 6.8 is a good place to do short position. Using 12-hour timeframe we can see that have a breakthrough. Suggest that in short term do short position. This week, we need to wait patiently for a good place to enter position.
Friday gold market drop significantly, 1603 have a resistant line, we think that 1580 is a good support line. Suggest entering low long position, wait for any good signal.
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