3.3 Analysis of gold trend on Monday

3.3 Analysis of gold trend on Monday

Technical analysis of gold

Daily level:

Prices continue to fall after the big negative line, and the weekly closing is likely to continue to fall.

Prices are running near the lower track of the Bollinger Bands, and the short-term moving average constitutes reverse resistance.

The MACD indicator crosses downward and continues to increase, and the RSI indicator shows sufficient downward momentum.

4-hour level:

The continued bearish pattern pushes the short-term moving average to extend downward, and the price runs below the lower track of the Bollinger Bands.

The overall downward trend is expected to continue.

Operational suggestions
High-altitude thinking:

Short-term resistance focuses on the vicinity of 2866, and the bears are expected to explore new lows below.

If the bulls return to 2866 points, it will be regarded as a continuation of the shock, and the focus will be on the 2875 area.

Support focus:

The 2832-2830 area is regarded as the intraday decline limit. If this area is touched, short-term bulls can be tried.

Mid-term long orders will be taken out first at 2843.

Focus on next Monday:

Short-term resistance above: 2875-2880.

Short-term support below: 2832-2837.