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 high point of the C wave correction. The process involves oscillation and repeated fluctuations. 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 a high position for shorting.

Crude oil intraday: continue to buy on dips around 62.0-62.2, with a stop at 61.5, targeting 63.5-65.5.

The above article is by financial analyst Leng Yijie.