According to the current technical analysis of gold, combined with external environmental factors, the operation strategy of the gold market next week will mainly focus on the technical aspect.
The gold price fell below the 5-10 week moving average for the first time this week and closed below it. After the price built a continuous peak above, it closed below the upper line and the acceleration line this week. The MACD indicator formed a dead cross at a high level, showing an obvious bearish pattern. The first target is the 2203 line, which is the 22-day line position of the weekly line; the second target is the lower line of the weekly chart.
On the daily chart, the gold price formed a big negative line, broke through and closed below the lower line, showing a dark cloud covering the top. Although the bottom was not formed directly, the downward K-line of $101 indicated that the bears were dominant. It is expected that the market will further decline to test the first and second lines and the acceleration line. The lower acceleration line coincides with the 22-day line of the weekly line, further confirming that the 2203 line is the first target.
The US dollar bottomed out and rebounded on Friday night, engulfing all the previous downward K-lines, forming a bullish trend. The strong return of the US dollar will suppress gold, and the upward trend of the US dollar is expected to continue, thereby pushing gold down.
Gold closed at $2,293 on Friday. If it rebounds directly, it may form a volatile pattern. The ideal short entry point is in the 2310-2314 area, which is the suppression level of the first wave of low rebound. Another key position is 2304, which is the top and bottom conversion position during the decline. The lower support is at 2275 and the bottom of the channel 2267, followed by the 2260 flat bottom. If it breaks, it will further look to 2255-2240 and lower.
Operation suggestions for next Monday
Short entry: 2310-2314 range is the short point for early rebound.
Bull entry: Short-term focus on the 2277-2280 support range.
Key focus areas
Resistance range: 2310-2315
Support range: 2277-2280
The gold price fell below the 5-10 week moving average for the first time this week and closed below it. After the price built a continuous peak above, it closed below the upper line and the acceleration line this week. The MACD indicator formed a dead cross at a high level, showing an obvious bearish pattern. The first target is the 2203 line, which is the 22-day line position of the weekly line; the second target is the lower line of the weekly chart.
On the daily chart, the gold price formed a big negative line, broke through and closed below the lower line, showing a dark cloud covering the top. Although the bottom was not formed directly, the downward K-line of $101 indicated that the bears were dominant. It is expected that the market will further decline to test the first and second lines and the acceleration line. The lower acceleration line coincides with the 22-day line of the weekly line, further confirming that the 2203 line is the first target.
The US dollar bottomed out and rebounded on Friday night, engulfing all the previous downward K-lines, forming a bullish trend. The strong return of the US dollar will suppress gold, and the upward trend of the US dollar is expected to continue, thereby pushing gold down.
Gold closed at $2,293 on Friday. If it rebounds directly, it may form a volatile pattern. The ideal short entry point is in the 2310-2314 area, which is the suppression level of the first wave of low rebound. Another key position is 2304, which is the top and bottom conversion position during the decline. The lower support is at 2275 and the bottom of the channel 2267, followed by the 2260 flat bottom. If it breaks, it will further look to 2255-2240 and lower.
Operation suggestions for next Monday
Short entry: 2310-2314 range is the short point for early rebound.
Bull entry: Short-term focus on the 2277-2280 support range.
Key focus areas
Resistance range: 2310-2315
Support range: 2277-2280
Although the current market's expected trend for gold prices tends to be bearish, investors should also be reminded to pay attention to the possibility of a market turnaround. This week, the market will pay close attention to important financial data and events such as US CPI data, the Federal Reserve's monetary policy decision, US PPI, the number of initial jobless claims that week, and the monetary policy decision of the Bank of Japan. These events will have a profound impact on the gold market, especially the Federal Reserve's monetary policy decision, which may further clarify the market's expectations for interest rate cuts. After a week of volatility in the gold market, unless there are new positive factors, gold prices may continue to be affected by the macro background. However, market uncertainty also provides some support for gold, especially against the backdrop of an uncertain global economic and political situation. Investors should pay close attention to important financial events this week to make wise investment decisions.