🔶Yesterday, gold continued to fall as expected, with a single-day drop of nearly $76. It rebounded in the late trading and finally closed at around $2,619, with a large real negative line on the daily line. This closing pattern indicates that gold may continue to fall after rebounding today, showing the space and demand for further decline. The daily level once again recorded a large negative line breaking down and falling. The rebound was briefly blocked and then turned negative and fell back. After a small correction, it was ready to explore and open a new downward wave. At the same time, the technical indicators have also turned downward, and the "evening star" pattern has formed on the weekly chart, giving up all the gains of the previous low rebound and falling below the low of $2,643, expanding the adjustment space. Therefore, today's gold short-term is still biased towards a correction.
🔶On the 4-hour chart, gold's downward wave pattern gradually unfolds. Since the first wave of decline at the $2,790 level, the rebound high of $2,710 has constituted a second wave correction, and it has now fallen below the key low, opening up further downward space. In terms of K-line pattern, the real negative line fell with large volume, indicating that the pattern of roundabout shock and slow decline may continue in the future, that is, the trend of "falling while correcting". At present, there are two small positive lines in the correction rebound, but there is no three consecutive positive lines, indicating that the correction is weak. If the third K-line continues to be blocked, you can consider shorting at the high point.
🔶In terms of specific operations, today's Asian session will first observe the strength and weakness of the market correction, and pay attention to the performance of the third positive line high point. If the K-line rebounds but does not exceed three consecutive positive lines, it means that the weakness continues. You can rely on shorting in the resistance area of ​​2626-2630 , and the target below is the support position of 2600 and 2550 . If the rebound is strong, it may break the weak pattern and turn into a volatile trend.
đź”´Short-term upper resistance range @ 2626-2630
🟢Short-term lower support range @ 2600-2550
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🔶On the 4-hour chart, gold's downward wave pattern gradually unfolds. Since the first wave of decline at the $2,790 level, the rebound high of $2,710 has constituted a second wave correction, and it has now fallen below the key low, opening up further downward space. In terms of K-line pattern, the real negative line fell with large volume, indicating that the pattern of roundabout shock and slow decline may continue in the future, that is, the trend of "falling while correcting". At present, there are two small positive lines in the correction rebound, but there is no three consecutive positive lines, indicating that the correction is weak. If the third K-line continues to be blocked, you can consider shorting at the high point.
🔶In terms of specific operations, today's Asian session will first observe the strength and weakness of the market correction, and pay attention to the performance of the third positive line high point. If the K-line rebounds but does not exceed three consecutive positive lines, it means that the weakness continues. You can rely on shorting in the resistance area of ​​2626-2630 , and the target below is the support position of 2600 and 2550 . If the rebound is strong, it may break the weak pattern and turn into a volatile trend.
đź”´Short-term upper resistance range @ 2626-2630
🟢Short-term lower support range @ 2600-2550
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🔶Gold bulls are currently lacking in momentum, and the price has fallen below a new low again, with an obvious bearish trend. The 4-hour chart shows that the moving average system maintains a dead cross and diverges downward, indicating that the bearish force continues to increase, suggesting that the downward trend of gold has not yet ended.
🔶From a technical point of view, the short-term top of gold has been basically established, and the future operation should focus on shorting at highs. The current gold price has once again fallen below the key support level of 2600, the bearish momentum is strong, and the space below is further opened. It is recommended to go short when the price rebounds to around 2605-2608, and the target at 2580-2550.
đź”´Short-term upper resistance range @ 2605-2610
🟢Short-term lower support range @ 2555-2550
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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.