GOLD TREND IS BEARISHThe daily chart of gold shows a pattern of yin and yang conversion. Therefore, it is necessary to guard against the market rising and falling, or falling directly near the previous high. The upper resistance is at yesterday's high point. At present, gold is still fluctuating in the range of 2286-2341, and the low point gradually moves up and the high point gradually moves down. As the range continues to narrow, it will eventually usher in a round of substantial breakthroughs.
From the four-hour chart, the rebound high point gradually decreases, and the overall trend tends to fluctuate downward. At present, the gold price is running near the middle track of the Bollinger Bands. The KDJ crosses downward after the death, and the DIF line of the MACD sticks above the DEA line, and the short-term trend is bearish.
Gold has recently fallen into a bearish pennant pattern, so it needs to fall below 2300 to activate the negative effect of this level, and then it is expected to fall to the next bearish target of 2272.06, which is the 38.2% Fibonacci retracement level of gold from $1984.16 to $2450. Therefore, as long as gold remains below $2340.10, we will continue to be bearish on gold. In this case, gold is expected to test $2385 first.
On the whole, today's short-term gold operation advice is mainly to go short on rebounds, supplemented by longs on callbacks. The top short-term focus will be on the 2334-2336 resistance range, and the bottom short-term focus will be on the 2305-2308 support range.