Leng Yijie: 2.9 Gold continues to look at the strength of wave C rebound, and crude oil remains bullish

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Gold 4-hour chart shows wide-range tug-of-war, currently testing and confirming the peak of wave C correction. The process is oscillating and fluctuating repeatedly. The resistance at the upper band of the Bollinger Bands is around 5100-5140. It is expected to continue rebounding and rising tonight, and once it stabilizes above 5140 for a second time, the gap below will be filled, and gold will once again be unstoppable.

Gold tonight: continue to buy on dips around 4980-4970, with a stop at 4950, targeting 5100-5140. If broken above 5140, look for a return to 5500. If not broken, maintain the high position for shorting.

Crude oil emphasizes continued buying on dips within the day. After oscillating and consolidating, it is choosing to rise again. It is currently trending higher. The bullish outlook remains unchanged.

Crude oil tonight: buy around 62.0-62.2, with a stop at 61.5, targeting 63.5-65.5.

This article is authored by financial analyst Leng Yijie.