🔥GOLD CONTINUES TO BE BEARISH TODAY💲
Yesterday, spot gold showed a trend of low-probing and rebounding. The daily structure closed with a small positive line, which temporarily failed to change the short-term bearish trend. At present, the 5-day moving average has moved down to around 2349. Although the Bollinger Bands are intended to shrink as a whole, the middle track extends upward to around 2351. Other periodic indicators still maintain a short-term arrangement, which is theoretically conducive to short-term pull-ups by bulls. However, it should be noted that the current MACD indicator is still dead cross, the green column kinetic energy continues to increase, and the KDJ indicator dead cross intends to go down, which may give the bears sufficient downward momentum. Therefore, while being overall bearish on the daily line, it is also necessary to beware of another downward trend after the bulls rebound and correct.
On the 4-hour chart, after yesterday's rebound, the current price has returned to run below the moving average, the moving average is still under pressure, and the Bollinger Bands are closing. Yesterday, the 5-day moving average also provided a certain rebound support for gold, but today it has become an upper pressure. Therefore, it is foreseen that the rebound strength of gold today will not be too strong, but it is still necessary to pay attention to the pressure near 2358. The current MACD indicator is golden cross, the red column kinetic energy begins to shrink, and the KDJ indicator is dead cross. At present, gold is in a volatile downward trend in the short term. On the hourly line, gold continues to show top signals, with continuous large negative lines going down. When rebounding, it is mostly small positive lines, but the large negative line directly covers the downward trend. This is a typical top signal, and the K line exerts force from above the moving average, breaking through the moving average in one step, and directly returning to yesterday's origin, continuing to be bearish to around 2325.
Overall, today's short-term operation of gold is mainly short-selling after rebound, supplemented by long-selling after correction. The short-term focus on the upper side is the 2356-2358 resistance range, and the short-term focus on the lower side is the 2330-2326 support range.
On the 4-hour chart, after yesterday's rebound, the current price has returned to run below the moving average, the moving average is still under pressure, and the Bollinger Bands are closing. Yesterday, the 5-day moving average also provided a certain rebound support for gold, but today it has become an upper pressure. Therefore, it is foreseen that the rebound strength of gold today will not be too strong, but it is still necessary to pay attention to the pressure near 2358. The current MACD indicator is golden cross, the red column kinetic energy begins to shrink, and the KDJ indicator is dead cross. At present, gold is in a volatile downward trend in the short term. On the hourly line, gold continues to show top signals, with continuous large negative lines going down. When rebounding, it is mostly small positive lines, but the large negative line directly covers the downward trend. This is a typical top signal, and the K line exerts force from above the moving average, breaking through the moving average in one step, and directly returning to yesterday's origin, continuing to be bearish to around 2325.
Overall, today's short-term operation of gold is mainly short-selling after rebound, supplemented by long-selling after correction. The short-term focus on the upper side is the 2356-2358 resistance range, and the short-term focus on the lower side is the 2330-2326 support range.
Comment:
The gold market has been very volatile in the past two days. If it fails to break through the intraday high, gold will continue to maintain a volatile trend. Just like the calm before the storm, a big market is brewing. If it fails to break through the intraday high, it may fall back at any time.
From the daily line structure, gold stopped falling and went sideways last Friday after a sharp drop. After the opening of this week, the gold price did not continue the downward trend of last week, but showed signs of rebound in the early trading. Technical indicators show that the MACD red and green columns alternate, and the green column has not increased in volume at present. The fast and slow lines cross downward, and the KDJ indicator also shows a downward cross. Although the indicator is bearish, there are signs of stopping the decline, so gold is still in a weak state for the time being.
For the rebound of gold prices, if there are no sufficient signals, don't easily look at the reversal. Judging from the situation of breaking through the historical high last week and then falling again, it is clear that the short-term adjustment has not ended. Yesterday's rebound to around 2358, this rebound is a normal correction market, and many people should not change direction just because they see a slight increase. At present, the long-short watershed we give is around 2370. As long as the market does not stand firm at 2370, we will continue to look bearish. From the weekly level, it is expected that the gold price will soon usher in a wave of sharp declines, and the ultimate target will be below 2300.
From the daily line structure, gold stopped falling and went sideways last Friday after a sharp drop. After the opening of this week, the gold price did not continue the downward trend of last week, but showed signs of rebound in the early trading. Technical indicators show that the MACD red and green columns alternate, and the green column has not increased in volume at present. The fast and slow lines cross downward, and the KDJ indicator also shows a downward cross. Although the indicator is bearish, there are signs of stopping the decline, so gold is still in a weak state for the time being.
For the rebound of gold prices, if there are no sufficient signals, don't easily look at the reversal. Judging from the situation of breaking through the historical high last week and then falling again, it is clear that the short-term adjustment has not ended. Yesterday's rebound to around 2358, this rebound is a normal correction market, and many people should not change direction just because they see a slight increase. At present, the long-short watershed we give is around 2370. As long as the market does not stand firm at 2370, we will continue to look bearish. From the weekly level, it is expected that the gold price will soon usher in a wave of sharp declines, and the ultimate target will be below 2300.
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Fundamentally, gold prices stopped falling and rebounded at the beginning of this week due to the weakening of the US dollar and technical support, as well as a certain positive sentiment due to the lower expectations of the key inflation report to be released later this week. The market generally expects that it will show a slight easing of inflationary pressure. If the US core PCE inflation is higher than 3%, it will push the US dollar higher and suppress the decline of gold prices; while if it is lower than 2.7%, the market may feel relieved and the gold price will receive some buying support. However, the Fed chairman previously stressed that more evidence is needed to show that inflation is moving towards the 2% target, which may affect the Fed's decision to ease policy. At the same time, inflation data for the eurozone will be released on the same day, and the inflation rate is expected to rise to 2.5%, which is unlikely to prevent the European Central Bank from taking interest rate cuts next week. In addition, the minutes of the Fed's most recent meeting showed that it may take longer than expected to achieve the 2% inflation target. This has reduced market expectations for rate cuts.
Therefore, given the current market conditions and the Fed's stance, the outlook for gold remains bearish in the short term. The possibility of further rate hikes and strong US economic data may continue to depress gold prices. This makes gold prices still face a correction demand in the short term; so if you want to start the bull market again, it is expected that the bulls will be further strengthened in the fourth quarter and create hundreds of dollars of gains again.