Gold had a perfect V-shaped reversal today. It opened at 3177 and fell unilaterally in the Asian session. It hit 3120 at noon and then rose slowly. As of the time of writing, it has completely recovered the decline and is currently trading around 3220. The key point today is to pay attention to the gains and losses of 3200. The 4-hour mid-term Bollinger opening, although temporarily strong, but if it rebounds continuously and stands firm at 3200, there will be a continuous positive pattern at the bottom, breaking the 5-day and 10-day moving averages, then there is a great possibility that it will go to 3235. Therefore, gold in the late trading should not be inertially bearish because of the decline on Wednesday. Even if it is bearish, it is necessary to observe the gains and losses of 3200. As for trading, first pay attention to 3200 below and try to go long, and watch for the break of 3230 and 3250. The short-term operation of gold is recommended to be long on pullbacks and short on rebounds. The short-term focus on the upper side is 3250-365 resistance, and the short-term focus on the lower side is 3193-3200 support.
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Disclaimer
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