The daily hammer of gold market is extended and rubbed.
Updated
From the technical perspective, the price of gold continues to fluctuate within the convergence triangle area. The decline on Monday this week is consistent with the characteristics of a volatile downward trend, with the lowest intraday price reaching 2620, which is exactly the starting point of the stabilization and rebound last week, highlighting its key support significance in the volatile market. As the price falls, the market has fallen below the volatile upward support line and is under pressure from the previous high of 2650, with a significant double suppression effect.
Looking ahead to the intraday trend, the suppression of the 2650 line still needs to be focused on this trading day. Given that gold is still in the volatile downward stage of the large-cycle convergence triangle and the downward trend has not yet ended, there is a possibility that the price of the market will fall below 2620. Therefore, in the short term, we maintain a bearish mindset, with 2650 as the key suppression level, and are bearish on gold. However, in the context of frequent interweaving of long and short factors, investors need to pay close attention to market dynamics and flexibly adjust strategies to cope with changes that may occur at any time.
Looking ahead to the intraday trend, the suppression of the 2650 line still needs to be focused on this trading day. Given that gold is still in the volatile downward stage of the large-cycle convergence triangle and the downward trend has not yet ended, there is a possibility that the price of the market will fall below 2620. Therefore, in the short term, we maintain a bearish mindset, with 2650 as the key suppression level, and are bearish on gold. However, in the context of frequent interweaving of long and short factors, investors need to pay close attention to market dynamics and flexibly adjust strategies to cope with changes that may occur at any time.
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Senior Financial Analyst Main expertise: Analysis of financial products such as gold, US dollar, digital currency, etc. Telegram link: t.me/+43sO_tENBOswYWMx
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