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 a wide-range tug-of-war, currently testing and confirming the peak of wave C correction. The process involves oscillation and repeated fluctuations. The resistance at the upper Bollinger Band 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. Target 5100-5140, and if broken, look for a return to 5500. If it does not break 5140 and remains high, short-term short positions are possible.

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

The above article is by financial analyst Leng Yijie.