Yesterday, the market hit 3349 and formed a false break. It did not stay above 3340 for too long. If the market price fails to stand at 3340, it will not be able to effectively reverse the decline last week. This week, the support performance at the 3300 mark is also outstanding. The test of this area in the previous two trading days has been supported and formed a strong rebound. Gold as a whole has formed a wide range of long and short fluctuations around the 3300-3340 area. In the short term, the gold price stabilizes above 3245 and is expected to further show a bullish rhythm.
From the daily level, gold is in a high-level consolidation since the peak of 3500. The current highs of 3500, 3435, and 3403 are gradually moving down, and the lows of 3120, 3245, and 3293 are gradually rising. The range of fluctuations is gradually narrowing, and the Bollinger Bands are flat again, indicating that the current market is in a stalemate between long and short positions, and it is difficult to have a breakthrough momentum. MA CD indicator is blunted, red and green columns continue to shorten, technically lack trend opportunities, short-term market may continue to fluctuate, breakout needs to wait for major news to stimulate the breakthrough direction, gold bottomed out at 3293 on Monday, pierced the middle track and rebounded to close with a small positive line, the closing line is still below the 10-day moving average, on Tuesday it continued to rebound, although it broke through the 5-day moving average but went high and fell, so today's lock range is 3293-3350
On the whole, today's short-term operation strategy for gold is recommended to sell at the rebound high as the main, and buy at the pullback as the auxiliary, the upper short-term focus is on the 3345-3350 line of resistance, and the lower short-term focus is on the 3310-3300 line of support.
Gold strategy:
Buy range: 3305-3300, SL: 3290, TP: 3325-3335
Sell range: 3345-3350, SL: 3360, TP: 3330-3320
Key points:
First support: 3305, second support: 3300, third support: 3290
First resistance: 3345, second resistance: 3350, third resistance: 3360
From the daily level, gold is in a high-level consolidation since the peak of 3500. The current highs of 3500, 3435, and 3403 are gradually moving down, and the lows of 3120, 3245, and 3293 are gradually rising. The range of fluctuations is gradually narrowing, and the Bollinger Bands are flat again, indicating that the current market is in a stalemate between long and short positions, and it is difficult to have a breakthrough momentum. MA CD indicator is blunted, red and green columns continue to shorten, technically lack trend opportunities, short-term market may continue to fluctuate, breakout needs to wait for major news to stimulate the breakthrough direction, gold bottomed out at 3293 on Monday, pierced the middle track and rebounded to close with a small positive line, the closing line is still below the 10-day moving average, on Tuesday it continued to rebound, although it broke through the 5-day moving average but went high and fell, so today's lock range is 3293-3350
On the whole, today's short-term operation strategy for gold is recommended to sell at the rebound high as the main, and buy at the pullback as the auxiliary, the upper short-term focus is on the 3345-3350 line of resistance, and the lower short-term focus is on the 3310-3300 line of support.
Gold strategy:
Buy range: 3305-3300, SL: 3290, TP: 3325-3335
Sell range: 3345-3350, SL: 3360, TP: 3330-3320
Key points:
First support: 3305, second support: 3300, third support: 3290
First resistance: 3345, second resistance: 3350, third resistance: 3360
Note
Sellers are taking profits and the market is behaving as I analyzed. The upper resistance is 3345-3350, welcome to check my work Note
The US Consumer Price Index (CPI) report for May will be released on Wednesday. Traders will focus on the latest US inflation data to determine the Fed's interest rate policy path. If the actual data is higher than expected, it may strengthen the Fed's expectation of maintaining high interest rates or even raising interest rates, which is bearish for gold; if it is lower than expected, it may trigger an increase in expectations of interest rate cuts, which is bullish for gold. The current market has a large difference in the data. From the daily level technical chart, the price of gold has experienced more complex fluctuations before. Although there have been ups and downs recently, it is still oscillating in a relatively high range overall. From the MACD indicator, its double lines are running above the zero axis. Although the bar chart has shrunk, it still remains in the positive area, suggesting that the bullish force has weakened in the near future, but the overall market is still in a bullish market pattern, but the upward momentum is gradually fading. Gold has recently fluctuated in the range of 3300-3350 US dollars. At present, the Bollinger bands of the daily line and the 4-hour chart are closing, indicating that a big breakout will occur. The key short-term support level is around 3325. If it breaks, it will look down to 3305-3271. The important pressure level is around 3350. If it breaks through, it will look up to around 3380-3403! Comprehensive analysis: My personal suggestion for the evening is to sell on rebounds as the main strategy, and buy on pullbacks as the auxiliary strategy! GOLD watershed: 3350
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Related publications
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.