Gold trading analysis, October 30, continuously updated...Dear gold investors
As shown in the figure
The rising trend from red point A to red point B is the most recent wave of gold trading. From the perspective of technical analysis, I record it as the beginning of the present
The significance of this trend is that the segmentation of the current market is convenient for us to accurately judge the future trend.
When we analyze the future trend for trading, the first thing we need to understand is what the trend of gold has experienced before the current wave of rise, and where it will most likely go in the future.
1: Red point A to red point B is the main rising trend of the previous wave, sorting out the upward outbreak point of the market at the position of red point C
2: The white channel is interpreted as the downward channel that may be caused by the retracement of red point B
3: The blue channel is interpreted as the upward channel of the current gold with a high probability
4: The orange parallel line is interpreted as the price blockage and stay relationship that gold is likely to experience now and in the future
5: The green line is interpreted as the central line of the oscillation, which means zoning and classification, because the oscillation starts with a wave of rising or falling market, and ends with the final exhaustion, thus going out of a new period of oscillation
The core theory of line analysis is actually the law of conservation of volume and energy. No matter how much money comes into the market, it will eventually go out in the future. Therefore, money, as kinetic energy, forms conservation fluctuations, which also forms the high and low echoes in the channel.
So next, according to technical analysis, gold stands firm near the orange C line of $2,748, which means the fulcrum of the current market. It also means a defensive point that cannot be ignored for all intraday transactions. At present, we see that gold has risen to around 2,785. In theory, the expected retracement of trend trading will rise to the range of $2,760-2,770. Next, we patiently wait for the retracement of gold and buy on dips.
