🔥GOLD TREND ANALYSIS ON MAY 24💲
This week, gold surged and fell after opening on Monday, and then fell all the way, which was in line with our expectations. After rebounding to the 2383 line yesterday, it fell under pressure and continued to fall after breaking 2350, eliminating the previous signs of rebound, and the lowest reached 2327. In the weak market, the daily line finally closed with a large negative column at a low level. At present, the gold price is trading below the middle track of the Bollinger Band, and the 5-day and 10-day moving averages are glued downward, forming a sign of a dead cross, indicating that the gold price has a chance to fall further.
On the 4-hour chart, the continuous negative trend shows a weak downward trend, but the pattern has not completely stopped falling. This wave of decline may be presented in the form of a slow decline. The Bollinger Bands open downward, the moving averages are arranged downward, the MACD indicator crosses at a low level, the green column potential begins to shrink, and the overall technical indicator structure is bearish.
For two consecutive trading days, the overall price has experienced a unilateral short-term decline, breaking the 2400-point integer mark in the short term, and the weakening trend is obvious. The double top resistance above the daily level 2440 is effective, and the unilateral downward channel is opened. Today's short-term resistance focuses on the high point of yesterday morning at 2350. The intraday rebound relies on this position to continue to fall back with the main short position, and the lower target is to break the bottom. The short-term long-short strength and weakness watershed focuses on the 2370 position. Before the daily level breaks through and stands on this position, any rebound is a short-selling opportunity, and the main tone of participating in the trend is maintained.
On the whole, today's short-term gold operation advice is to mainly go short on rebounds, supplemented by longs on callbacks. The upper short-term focus is on the 2352-2355 resistance range, and the lower short-term focus is on the 2326-2303 support range.