Gold is still temporarily maintaining a high level of fluctuation in the weekly trend. It is still in a state of divergence in the daily trend. The K-line began to bear pressure on the short-term moving average to maintain a weaker trend. Although the current price is running near the previous support band, the strength and continuity of the intraday rebound are not too large. Pay attention to the small break in the daily trend of gold that may continue the downward trend. The 4-hour Bollinger Bands open downward and diverge downward. The 5-day moving average crosses the 10-day moving average and continues to decline. In the morning, gold rebounded and the 5-day moving average continued to decline under pressure. The high point gradually moved down to around 2330. Today is likely to be a weak downward trend. The current price has fallen below 2320, the low point of last Friday. The next target is 2303-2300. If the rebound in the European session does not continue to fall, and the price returns to above 2330, then the intraday will not be extremely weak, and it will turn to oscillation. The upper resistance 2330-2332 line will be shorted again.
The consolidation structure in the downward trend has ended, and a sharp drop is about to begin. The European Central Bank will cut interest rates on June 6, and the market will accelerate its decline at that time, which is a very good opportunity. So our strategy is to short at a rebound high and wait for the gold price to plummet.
Overall, today's short-term operation of gold is mainly short-selling on rebounds, supplemented by long pullbacks. The short-term focus on the upper side is the 2330-2332 resistance range, and the short-term focus on the lower side is the 2300-2303 support range.
The consolidation structure in the downward trend has ended, and a sharp drop is about to begin. The European Central Bank will cut interest rates on June 6, and the market will accelerate its decline at that time, which is a very good opportunity. So our strategy is to short at a rebound high and wait for the gold price to plummet.
Overall, today's short-term operation of gold is mainly short-selling on rebounds, supplemented by long pullbacks. The short-term focus on the upper side is the 2330-2332 resistance range, and the short-term focus on the lower side is the 2300-2303 support range.