Leng Yijie: 4.8 Gold safe-haven rebounds, go long; crude oil dips on stimulation, go long

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Whether you choose to work with me or not is up to you, but you must be responsible for your own wrong decisions! The foreign exchange market is a long-term, steady, profit-making investment industry. Unless you understand it well, please choose carefully! Because it can carry you on a boat, and it can also capsize you. It may be a hot potato that wrecks your mind and finances; it may be even more the fuse that destroys your family. What Yijie wants to emphasize most here is: family first, work second, investment third! Heavy positions, holding and carrying orders, and locking in positions. No matter what the situation is, as long as there are major losses, basically you can’t get around these three points. After working in this field for all these years, these are the pitfalls of all investors. My personal advice is: set a stop-loss on every trade. Don’t dismiss it just because of one time; otherwise, it can eventually lead to everything going to waste. Some of my lessons learned over the years—whether you are fellow practitioners or my students, whether this is telling your story or sharing my own experience, none of that is important. What matters is that if you can gain something and have something to reflect on from what I said, and it helps you—then that is what matters. Let’s encourage each other together… To achieve long-term profitability in trading, you must have a mature trading system of your own. Trading frequently all day long—that’s “scalping orders.” You’re constantly on edge every day, and yet you don’t make money; what’s the point? There’s no operational significance at all! In terms of execution, the suggestion is to focus mainly on swing trading!

Gold surged strongly yesterday, breaking the key resistance on the daily chart. After the daily chart closed with a full-bodied bullish candle, the price has further rebound needs. In today’s early session, short-term resistance capped the move. Looking at the current situation, the price needs to pull back first for adjustment and repair. Today, on any retracement, it should be considered a buy and not change. Short first, then long within the day.

Gold: [1] In the early session, short around 4825, defend at 4850, target 4750–4700.

[2] Buy near 4700, defend at 4675, target 4900–5100.

Crude oil, driven by a stimulus in the news, saw a sharp drop—falling directly from above 110 to around 70. The moving average system is fanning downward, the MACD indicator has crossed below the zero line, and in the short term the bias is bearish. However, it hasn’t broken the overall long structure.

Crude Oil: [1] Buy in batches near 83–84.5, defend at 82.0, look for 110–120.

The above article is by financial analyst Leng Yijie