Technical analysis of gold: The trend of gold is the same as expected. The weak market can't even reach 2420. We enter the market with short orders at 2418! However, the price of gold is still running above the daily trend line. When the price falls below the daily trend line, the space below will be truly opened. It is also the time when the shorts are the strongest. At present, the price of gold continues to run on the daily trend line. So whether it will continue in the later period, we need to continue to follow the changes in the market to make adjustments. The high point of the rebound is the 2436/38 area below 2440. However, it hit 2420 in the early trading today and then fluctuated. The short-term cycle has shown signs of falling again. The daily line closed with a medium-yang line with a long lower shadow, and after such a pattern ended, the decline of gold has not ended. The rebound is a good opportunity for us to enter the market and short! Today, the upper resistance of gold is at the 2420 US dollar line. The rebound relies on shorting below the resistance here. Look at the low point of 2383 US dollars below, and look at the 2360 US dollar line if it falls below!
The short-term 1-hour chart shows that the shorts have already appeared. So if you still wait for 2420, you may miss this wave of decline. The key is whether the decline is 2410 or 2404? If the decline stops at 2410, there is still a chance to break through the 2420 line in the late trading. If it falls directly to the 2404 line again. Then even if there is no further retracement, it will enter a volatile pattern. So we can't wait for 2420. You can choose to enter the short position at the high point below 2420 and then see the trend. If the defense is stable, just put 2421. Or put 2423. Basically break through 2423 and you will see a high of around 2430. Once it reaches 2430, there is a chance to reach the 2436/38 area that I saw at the beginning of the week.
If the market is the same as I expected, the European market will directly retreat to the 2404/03 line. There can still be one more time here. As for the rebound here, I can only see the 2410/12 line at present. Whether it can rise again to test 2420 is not yet visible. So today I can only intervene in the short term and change according to the changes in the market. On the whole, Jin Shengfu recommends shorting on rebounds and long on pullbacks for today's short-term gold operation strategy. The short-term focus on the upper side is the 2419-2420 line of resistance, and the short-term focus on the lower side is the 2383-2388 line of support.