Gold waits to bottom out
Gold has seen a sharp retracement, and the expected short-term trend did not appear after the rebound, indicating that the previous rise was relatively large, and profit-making was eager to cash out, so there was a stampede on closing positions. Today, gold may still have a low point to complete the adjustment Trend, so the first to short. For gold operation, it is recommended to sell at 1948.50, risk control at 1952.50, and the target is 1938~1930.
Gold sees bottoming out for several reasons:
1. The daily gold line continues to close negatively and falls back close to 38.2% of the golden section. There may be a signal of stabilization after touching here.
2. According to my personal analysis, breaking through the previous high has formed a daily 5-wave driving trend, and is currently in the 5th wave, the sub-level adjustment of 5 waves 4, and the short-term decline is coming to an end. If it falls below 1909 in the later period, it means that the probability of the end of the previous five-wave rise will increase.
3. The intraday pressure is 1948.50~1955, and the support is 1937~1930~1910.
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