Gold's trend was weak in early trading today. After falling to test the 2303 support level, it quickly rose strongly and directly surged to the 2353 level before coming under pressure. Today's market conditions are in line with our expectations in the weekly review. The weekly review clearly pointed out that we should look long before going short. We should not blindly chase the increase after waiting for the increase in volume and go short near 2350. At present, the price of gold has dropped sharply to the level of 2318. Are short positions profitable?
Although the 2350 short position is still some distance from our short-term target of 2303, the bullish momentum has significantly weakened after the heavy volume increase, and the selling pressure above is relatively large. It is expected that there will be repeated shocks and further declines. It remains to be seen whether it has peaked. The key lies in the support level of 2280-2265 below. If it falls below and closes below this level, there may be room for a fall of US$100-300 in the medium and long term. Judging from the current trend, after gold was under pressure at 2353, it experienced a surge and fell back during the European and American trading hours, and fell below the previous pressure level, suggesting that the short-term market may continue to fall.
Today, we should continue to pay attention to the competition near the 5-day line of 2300 below. It fell again under pressure at noon, with the low hitting near the 2318 level. Despite the intraday correction, the overall trend has not changed. The 4-hour Bollinger Bands opened upward, and it is expected that the upward trend will continue after the correction. In the later period, focus on the 2305-2303 support level below, and it is recommended to continue to do long during the callback. On the whole, today's short-term gold operation advice is to focus on longs on callbacks, supplemented by shorts on rebounds. Focus on the resistance range of 2340-2343 at the top and the support range of 2303-2305 at the bottom!
Although the 2350 short position is still some distance from our short-term target of 2303, the bullish momentum has significantly weakened after the heavy volume increase, and the selling pressure above is relatively large. It is expected that there will be repeated shocks and further declines. It remains to be seen whether it has peaked. The key lies in the support level of 2280-2265 below. If it falls below and closes below this level, there may be room for a fall of US$100-300 in the medium and long term. Judging from the current trend, after gold was under pressure at 2353, it experienced a surge and fell back during the European and American trading hours, and fell below the previous pressure level, suggesting that the short-term market may continue to fall.
Today, we should continue to pay attention to the competition near the 5-day line of 2300 below. It fell again under pressure at noon, with the low hitting near the 2318 level. Despite the intraday correction, the overall trend has not changed. The 4-hour Bollinger Bands opened upward, and it is expected that the upward trend will continue after the correction. In the later period, focus on the 2305-2303 support level below, and it is recommended to continue to do long during the callback. On the whole, today's short-term gold operation advice is to focus on longs on callbacks, supplemented by shorts on rebounds. Focus on the resistance range of 2340-2343 at the top and the support range of 2303-2305 at the bottom!
