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 closed lower with a downward trend, indicating further setbacks. This is a retracement after the second high point; both weekly and daily charts show the need for further correction. The 4-hour chart has been consolidating in a step-like manner around 5200, with a downward oscillation channel. Currently, the market is weak with a gap down and continued decline, still oscillating within the 5000-5250 range. 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 around 5250 in the next two days. If it doesn’t stabilize, expect continued oscillation below this level.

【2】Above 5250, consider a second breakout long position. Below, buy in batches 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 in a bullish alignment, showing strong momentum without signs of topping out. This matches what I mentioned over the weekend: be proactive in going long at the open. Even aggressive longs are justified. The MACD indicator is above zero and pointing upward, indicating strong bullish momentum. Today, continue to follow the retracement and add longs as the trend remains unchanged.

Crude Oil: 【1】If the price retraces above 97 during the day, continue to go long, targeting 120-130.

This article is provided by financial analyst Leng Yijie.