Leng Yijie: 2.10 Gold looks at the completeness of wave C's strength, continue to go long on crude oil

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Gold still primarily focuses on the resistance level around 0.618 at approximately 5140. Gold surged to the head and shoulders double top pattern, with the trend slowing down. The current bullish and bearish sentiment may continue to heat up. Conservative traders can wait for the gold price to break above 5100 before entering the market. Before the non-farm payroll data release tonight, the preference remains to seek low-level long positions. Currently, it is in a consolidation phase initiated from below at around 4400, with potential for upward movement. Operate in line with the trend for short-term trades; wave trading still requires patience.

Gold: 【1】Pull back to 5010-4980 in stages, set a stop at 4960, and target 5080-5100-5140 for a breakout.

【2】Pay close attention to the 5140 resistance level before and after the non-farm payroll data. A break above it would fully open the upward space again.

Crude oil emphasized yesterday to continue with the long-side strategy. Currently, it remains bullish above the 60-day moving average. The upper target is around 66.0-68.0. The MACD indicator repeatedly crosses the zero line, so the pullback and long positions remain unchanged.

Crude Oil: 【1】Go long around 63.0-63.2, with a stop at 62.0, and target 64.0-66.0.

This article is provided by financial analyst Leng Yijie.

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