Gold prices retreated from a record high of $3,500, attracting some selling for two consecutive days. U.S. President Donald Trump softened his rhetoric toward the chairman of the Federal Reserve and sent signals that trade tensions may be easing, weakening market demand for safe-haven assets.
The fluctuations will depend on technical points. When the market returns to the technical level, the next operation will be much more stable. At least there are high points above for reference. It is just a matter of timing. However, the crazy time is over, but the bull market is not over.
At present, the price has peaked at 3500 USD. The short-term market will enter a consolidation phase. The callback will focus on the 382 split support of 3292 and the 50 split support of 3228 in the 2956-3500 segment. The limit is that it will not fall too far from 3167. These positions are also waiting for the opportunity to rise again. Each squat adjustment is to further continue the bullish trend. The next stage of pull-up height should pay attention to 3746;
In the intraday, gold opened lower in the early trading, rebounded to the gap of 3385 US dollars and continued to break the bottom. In the short term, 3385 will form a new pressure point. For today's market, the high and high are the main rhythm. The morning low of 3315 is the watershed. If it falls below it during the day, the US market will inevitably retreat for the second time. The double bottom support is 3283, which is the point for long today.
The fluctuations will depend on technical points. When the market returns to the technical level, the next operation will be much more stable. At least there are high points above for reference. It is just a matter of timing. However, the crazy time is over, but the bull market is not over.
At present, the price has peaked at 3500 USD. The short-term market will enter a consolidation phase. The callback will focus on the 382 split support of 3292 and the 50 split support of 3228 in the 2956-3500 segment. The limit is that it will not fall too far from 3167. These positions are also waiting for the opportunity to rise again. Each squat adjustment is to further continue the bullish trend. The next stage of pull-up height should pay attention to 3746;
In the intraday, gold opened lower in the early trading, rebounded to the gap of 3385 US dollars and continued to break the bottom. In the short term, 3385 will form a new pressure point. For today's market, the high and high are the main rhythm. The morning low of 3315 is the watershed. If it falls below it during the day, the US market will inevitably retreat for the second time. The double bottom support is 3283, which is the point for long today.
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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.