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 is still focusing on the resistance level around 0.618 at approximately 5140. Gold has risen to the head and double top pattern, with the trend slowing down. The bullish and bearish sentiment may continue to heat up. Conservative traders can wait for the price to break above 5100 before entering. Before the non-farm payroll data release tonight, the preference remains for waiting at lower levels for 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, target 5080-5100-5140, and look for a breakout upward.

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

Crude oil yesterday emphasized continuing to buy on dips, which is correct. 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 buy strategy remains unchanged.

Crude oil: 【1】Buy 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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