🔥GOLD CONTINUES DOWNWARD TREND✅
Updated
Gold continued to show a volatile downward trend today, continuing to fall after breaking through the previous high-level support on the 4-hour chart. The K-line is basically close to the short-term moving average, showing a relatively obvious downward trend of shock. There is almost no sign of a strong rebound during the session, and there is no signal of a bottom in the short term. Right now, the short-term focus is on the support near 2330. On the 4-hour chart, facing this weak shock downward trend, we should not wait for an excessive rebound when looking for short opportunities.
Gold has fallen below the support level of 2350 as expected, and this position has changed from support to pressure. At present, the gold price has fallen below the 1-hour mid-line, breaking the previous unilateral rise pattern, so it is expected to continue to remain volatile. When it rebounds to around 2350, it can be shorted with a target of 2330, the latest support below.
On the whole, today's short-term gold operation advice is mainly to go short on rebounds, supplemented by longs on callbacks. The top short-term focus will be on the 2350-2352 resistance range, and the bottom short-term focus will be on the 2328-2330 support range.
Note
Gold Trading Strategies Reference🎯Strategy 1: Go short when gold rebounds to around 2350-2352, stop loss 6 points, target around 2340-2335, break the position and look at the 2330 line✅
🎯Strategy 2: Go long when gold pulls back to around 2328-2330, stop loss by 6 points, target around 2340-2345, and look at the 2350 line if the position is broken✅
Note
Gold is currently experiencing a wave of retracement at the 4-hour level, and the price is about to hit the top-bottom transition position in the early stage of the daily line. The trend at this position will be particularly important. Although gold still maintains a downward trend at the 4-hour level and runs close to the short-term moving average, the short-term trend has not yet shown a bottom signal.A small breakout after continuous sideways trading at the hour level may bring some room for decline, but it is not advisable to chase shorts in late trading. Combined with the hourly chart trend, the intraday low is at the 2332 line, and this retracement is sufficient on the hourly chart. The market may rebound in the evening through the 2330 support level, because this level was the starting point of the market's risk aversion speculation last Thursday night. The current market has retreated to this point, indicating that risk aversion has temporarily retreated and the market has returned to its normal trend. However, the intraday retracement also means that a short-term rebound will be relatively difficult. If there is no new blockbuster good news, it will be difficult for gold to break through the 2350 mark again. If the rebound is weak tonight, it may aggravate the further negative impact that fundamentals may bring in the next two days.
For real offer operations, hold a short order of gold 2348. As long as the gold price rebounds to 2345, you can continue to hold short orders. The target is looking at 2327 or even 2307. In addition, once the 5- and 10-day lines fall below 2332, the price may fall back to around 2320, which is around the 10-day line.
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