Gold has been volatile in the past two days, but everyone should be familiar with this rhythm. It is always quiet before the storm. Under the calm surface of gold, the big market is about to start. Since the pressure of 2450, the daily line has fallen sharply for three consecutive days, and then rebounded for three consecutive small positive lines. The short-term rebound rhythm is almost the same, which is in line with our expectations. The short-term trend suppression is also around 2365-2370, so after the short-term three consecutive positive adjustments, the price may weaken and fall again. The trend rebound in recent days is very weak, and the decline is completely under our control!
Today, gold focuses on the repeated pressure of 2352. If it falls below 2352 during the day, the bearish thinking remains unchanged. The price will have good support at 2340. Relative to the weakening of the market, the stage rebound will continue to be weak. The effective support below is around 2336, and the lower track of the 1-hour Bollinger band is at 2328. The lower track of the daily MA60 moving average 2320 and the lower track of the daily line 2310 are used as defensive support points.
On the whole, today's short-term gold operation advice is mainly to go short after the rebound, supplemented by long after the callback. The top short-term focus is on the 2356-2362 resistance range, and the bottom short-term focus is on the 2330-2325 support range.
Gold hit a second bottom of 2340 today and rebounded to 2364. The daily line closed with another small positive line. The K-line entity was small, and there was not much room for rebound. The three positive lines were still under pressure in the previous big negative line. After three consecutive trading days of rebound, the price was still under pressure below the golden section of 0.382. The current market rebound is still a weak correction. The short-term gold price has not bottomed out yet, which is why we insist on rebounding and shorting. If it falls again today, it means that there is still a lot of room for decline in the future market.
From the 4-hour level, the gold price came under pressure at the top of the previous big negative line near 2364 and then fell back. The Bollinger Bands flattened out. The rebound for several consecutive days could not touch the upper opening of the decline at 2370, indicating that the market is still weak. Only by breaking through the 2370-72 area can this weak consolidation structure end. Otherwise, the short-term trend will still be weak and bearish. Today, gold continued to fall in the Asian and European sessions. Gold bottomed out and rebounded in the US session under pressure and rebounded to the high of 2347 in the European session, indicating that the gold rebound momentum is insufficient. The market is expected to test the 2325 support line again. Overall, the gold price is expected to break downward. The short-term idea is to maintain a short position at the rebound high.