Gold fell by 230 USD in a row on the daily line. Currently, 3500 is under short-term pressure. Today, we will focus on the continuity of the decline. It directly rushed from 3288 to 3310 in 5 minutes after opening. Yesterday, it hit the lowest point of 3258 above the 0.5 division of 2956-3500. This position is temporarily supported and rebounded, but whether the adjustment is over is still uncertain. It depends on the intraday closing pattern. If today's closing can stand above the MA5 daily moving average resistance of 3358 again, then there will be signs of the end of the downward adjustment, and the next day must be accompanied by a positive line. Pull up; on the contrary, if it closes below the 5-day MA, then there is a high probability that the 10-day moving average position will continue to decline, and then the 50-division position 3228 is further down, which happens to be the starting point of the big positive on April 16. This is likely to be the end point of this round of adjustment, or there will not be much room to go down, because from the standard wave pattern, it cannot fall below the first wave high, which is 3167, which is also the current middle track; therefore, either 3228 will stabilize on dips, or somewhere in the 3228-3167 area will stabilize, and then finally return to the bullish trend and pull up
The short-term 4-hour middle track 3380 has been lost and has become a key counter-pressure point. As long as it does not stand above it again, it will maintain a downward correction. After breaking 3292 below, the 66-day moving average of 3260 will be the loser or loser; the 1-hour K-line is under pressure from ma10 and ma5 and continues to fall. After yesterday's consolidation and pull-up, the K-line has now re-run above ma10, and the macd has formed a golden cross below the zero axis. This wave of 200 US dollars of rapid decline has almost corrected most of it. If it continues downward for another wave, or with the help of bottom divergence, it will slowly brew a short-term bottom; today's gold rebound focuses on the resistance below 3367, below the extreme middle track of 3380, and it is still bearish if it cannot withstand the pressure. If the strong support of 3260 or 3245-28 is stable, we will start to consider bottom-fishing.
The short-term 4-hour middle track 3380 has been lost and has become a key counter-pressure point. As long as it does not stand above it again, it will maintain a downward correction. After breaking 3292 below, the 66-day moving average of 3260 will be the loser or loser; the 1-hour K-line is under pressure from ma10 and ma5 and continues to fall. After yesterday's consolidation and pull-up, the K-line has now re-run above ma10, and the macd has formed a golden cross below the zero axis. This wave of 200 US dollars of rapid decline has almost corrected most of it. If it continues downward for another wave, or with the help of bottom divergence, it will slowly brew a short-term bottom; today's gold rebound focuses on the resistance below 3367, below the extreme middle track of 3380, and it is still bearish if it cannot withstand the pressure. If the strong support of 3260 or 3245-28 is stable, we will start to consider bottom-fishing.
Trade active
When gold rebounds to around 3338-3340, short sell (buy decline) in batches, 20% of the position, stop loss 6 points, target around 3300-3280, break to look at 3270. If you are bruised and battered in the market, you can come to me, I am confident that I can help you get back on your feet.
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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.