🔥GOLD REMAINS BEARISH NEXT WEEK💲
The spot gold market had a wild ride over the past week, with fluctuations reaching nearly $125, and ended the week with a huge drop. Although central bank buying and strong Asian demand created a long-term upward trend for spot gold, the uncertainty surrounding the Federal Reserve's monetary policy Uncertainty continues to generate huge short-term swings. The weakening of interest rate cut expectations and the increased possibility of interest rate hikes have strengthened the US dollar, and gold has fallen by as much as $81 under pressure, closing the weekly line with a long negative line, ending two consecutive positive lines.
The slight rebound on Friday actually verified what we said before. Compared with the short-selling pattern, after a sharp decline, a short-term slight rebound and sideways trading is still a short-selling repair, and the idea of shorting remains unchanged after the rebound. Next week, gold is still expected to continue to fall. The end of this wave of decline is at 2300, or it may be at 2280, and then the ultimate surge will begin. This turning signal must be followed. This is also the best profit opportunity this year.
At present, the gold price is still running below the 4-hour middle track, and the upper resistance is around 2346-2347. The high point of the daily cycle rebound on Friday is the daily Bollinger band middle track pressure level. After touching it, the gold price plummeted. Gold's 1-hour moving average is still in a downward bearish position, and there is no sign of a turning point, so the bearish idea below 2347 next week remains unchanged.
On the whole, the short-term operation of gold next week suggests that the rebound will be mainly short, and the pullback will be supplemented by long. The top short-term focus will be on the 2347-2352 resistance range, and the bottom short-term focus will be on the 2303-2300 support range.