Gold is expected to rebound, then fall back
Updated
Last Friday, gold saw a sharp rise and fall in the early trading, and then the US market entered a sweep, sweeping around 2372-2402. It tested the resistance of 2402 again in the late trading and then fell back under pressure to hover around the 2390 mark.
The price started to fall under pressure after confirming the resistance in the 2388-2389 area in early trading today. It fell below the low of 2373 last Friday. After confirming the resistance here for the second time, it further accelerated its decline to the 2351.5 area.
Starting from the high point determined in early trading, after falling below the previous low of 2373-2372, it then broke the next low of 2354 area.
At this point, the overall market has entered a sweeping decline with the high point moving downward and the low point refreshing!
Gold is no longer as crazy as before. This is the current status quo. Gold's current risk aversion stimulus only makes gold bulls flash in the pan, and then rushes higher and falls back. Now the bulls are just a false shot, since risk aversion can no longer continue to support the rise of gold. , indicating that the adjustment demand for gold has strengthened and the rebound is short again.
Gold's daily closing line has not really stabilized above 2400. There is a lot of resistance above 2400. Gold has a double top structure in the 4-hour period, and it continues to rise under the resistance of 2400.
Sail against the current, if you don't advance, you will retreat, and continue to focus on high altitudes.
The price started to fall under pressure after confirming the resistance in the 2388-2389 area in early trading today. It fell below the low of 2373 last Friday. After confirming the resistance here for the second time, it further accelerated its decline to the 2351.5 area.
Starting from the high point determined in early trading, after falling below the previous low of 2373-2372, it then broke the next low of 2354 area.
At this point, the overall market has entered a sweeping decline with the high point moving downward and the low point refreshing!
Gold is no longer as crazy as before. This is the current status quo. Gold's current risk aversion stimulus only makes gold bulls flash in the pan, and then rushes higher and falls back. Now the bulls are just a false shot, since risk aversion can no longer continue to support the rise of gold. , indicating that the adjustment demand for gold has strengthened and the rebound is short again.
Gold's daily closing line has not really stabilized above 2400. There is a lot of resistance above 2400. Gold has a double top structure in the 4-hour period, and it continues to rise under the resistance of 2400.
Sail against the current, if you don't advance, you will retreat, and continue to focus on high altitudes.
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It is about to rebound to 2214, and short orders are about to be entered.Trade active
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After a unilateral surge that lasted for nearly 2 months, gold finally ushered in the long-awaited deep correction this week. So far, gold has dropped nearly 140$ from its historical high, which has increased the trend of gold. The probability of the sex turning negative. Judging from the 4H pattern, gold has clearly fallen below the previous upward trend line. There is a high probability that gold has formed a trend reversal, and there is a high probability of a short market in the future.Trade active
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