Leng Yijie: 3.9 Gold gaps down at the open, maintaining phased buying; crude oil hits new highs, no word on the top

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Gold daily chart shows a downward trend with a bearish close, indicating further setbacks. This is a retracement from the second high point; both weekly and daily charts suggest further correction is needed. The 4-hour chart shows a consolidation after a step pattern, with resistance around 5200, oscillating downward within a channel. Currently, the market is opening lower and showing weakness, still oscillating between 5000 and 5250. Today’s trend is expected to be choppy. The overall bullish structure remains intact, which is important to note.


Gold: 【1】Focus on the second stabilization above 5250 in the next two days. If it doesn’t stabilize, expect continued oscillation below this level.

【2】Above 5250, consider a second breakout buy. Below, buy in stages around 5000-4950, with a stop at 4935, targeting 5200-5250.

Crude oil has been rising since last Friday, with prices reaching $110 in the early session. The moving averages are aligned bullishly, showing strong momentum. This confirms what I mentioned over the weekend: start actively going long at the open, even aggressively. The MACD indicator is above zero and pointing upward, indicating strong bullish momentum. Today, continue to follow the retracement and buy-on-dip strategy without change.

Crude Oil: 【1】If the price retraces above 97 during the day, continue to buy, aiming for 120-130.

This article is provided by financial analyst Leng Yijie.

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