🔥Gold Trend Analysis May 8💲Gold showed weakness immediately after the opening yesterday. Although the European market rebounded slightly, the US market once again shot up to around 2323 and then began to fall back to around 2307. Although there is another upward move this morning, bears are still expected to fall. Considering that the overall trend in the early stage is weak, the morning rebound is often a signal for short selling.
The 4-hour trend is currently a rectangular shock consolidation in the mid-term decline. Gold prices have been in a downward trend channel since mid-April. The RSI indicator remains below its 50 midline, showing the bearish sentiment towards gold.
The current rebound of gold is blocked at 2321, failing to break through the downward trend line and beginning to come under pressure. The half-hour chart shows a downward trend, the rebound has encountered resistance, and the highs have begun to fall back under pressure. The downward trend line resistance has dropped to around 2323, and below this is a short-selling opportunity. Short positions can be considered near 2320-2323. The U.S. market can be seen as weakly supported near 2290, and attention will be paid to whether the U.S. market can break through 2300.
Comprehensive analysis, today's short-term gold operation advice is mainly to go short on rebounds, supplemented by long orders on callbacks. The top focus is on the resistance range of 2320-2323, and the bottom focus is on the support range of 2281-2277.