Gold technical analysis: Gold showed a volatile trend yesterday. During the European trading session, it once climbed above the 5-day line of 2168 and touched the 2172 line. However, the pressure on the upper short-term trend line failed to be effectively broken, causing the market to fall back and adjust again. From a technical point of view, the main rhythm of gold this week is retracement, and the trend is weak and downward. We are also more inclined to the retracement idea of ​​shorts. Before the bulls make a move in the short term, we still operate based on the short-term idea; Gold Day The K-line at the gold level closed two consecutive negative lines and fell under pressure. The K-line at the gold 15-minute and 30-minute levels fell under pressure. The K-line at the gold 1-hour and 2-hour levels broke and went short. The K-line at the gold 4-hour level held periodic resistance. Pressed down, the gold price has now entered a rather embarrassing situation. The high points at the top are constantly moving downwards, while the low points at the bottom are constantly revising upwards. The amplitude of the shock is getting narrower and narrower. The gold price is bound to choose a direction to break through. Before the gold price returns to 2180 again, the recent trend has been in a relatively weak situation, and the market outlook is more likely to fall below 2150!
Currently, gold is moving towards the 2152 area and may further test the 2150 area. The overall trend is in line with expectations, and short-term adjustments have appeared again. On the hourly chart, gold is still oscillating within a triangle range, although it is heading downwards. If it falls below the 2150 support, the market may further extend to the 2145-40 area, or even near 2130 and 2120. However, the current bullish sentiment in the market has not completely dissipated. The short-term market is likely to stabilize near 2150, the lower edge of the triangle on the hourly chart, and wait for the Fed's interest rate decision next week in a volatile manner. If the short-term structural focus shifts downward, it will have a positive impact on the Fed's interest rate decision and operations next week. Taken together, the short-term operation of gold next week suggests that shorting will be the main focus, and callbacks will be supplemented by longs. The upper short-term focus will be on the 2170-2172 resistance level, and the lower short-term focus will be on the 2150-2140 support level.
Currently, gold is moving towards the 2152 area and may further test the 2150 area. The overall trend is in line with expectations, and short-term adjustments have appeared again. On the hourly chart, gold is still oscillating within a triangle range, although it is heading downwards. If it falls below the 2150 support, the market may further extend to the 2145-40 area, or even near 2130 and 2120. However, the current bullish sentiment in the market has not completely dissipated. The short-term market is likely to stabilize near 2150, the lower edge of the triangle on the hourly chart, and wait for the Fed's interest rate decision next week in a volatile manner. If the short-term structural focus shifts downward, it will have a positive impact on the Fed's interest rate decision and operations next week. Taken together, the short-term operation of gold next week suggests that shorting will be the main focus, and callbacks will be supplemented by longs. The upper short-term focus will be on the 2170-2172 resistance level, and the lower short-term focus will be on the 2150-2140 support level.
