Gold market analysis:
Last week, gold was basically a sell-off. It basically fell from Monday to Friday. There were two repairs in the middle. In the end, the daily line still closed with a negative line, and the weekly line broke the key support. The sell-off formed a new top in the cycle. If gold continues to decline this week, it is very likely to form a double top on the weekly line. The cyclical rise of gold is due to the situation in the Middle East. Now that the situation in the Middle East has eased, gold will enter a cyclical decline. In the short term, we should try to sell bearish at a high price. Today, Monday, I predict that gold will repair and rebound and continue to fall. There is a long tail in 4H, and it is difficult to fall in the short term. Today's idea is to buy short and sell long. There are only 4 days in the US market this week, there are holidays, and there are heavy data to be released.
We cannot predict the height of its rebound in the Asian session. We can be sure that there is a double bottom in the hour and stabilization in the 4-hour session. The first small suppression is around 3282, and the strong suppression is 3294 and 3309. There is also an integer level of 3300 in the middle. I estimate that these positions will be obstacles to buying. If the Asian session first reaches around 3268, consider buying opportunities. If there is a rebound in the middle, you can also sell directly at the suppression position. The selling order takes a longer time.
Support 3268-3263, strong support 3247, and the watershed between strength and weakness of the market is 3283.
Fundamental analysis:
This week is a data week, and there is a holiday on Friday, because the non-agricultural data on Friday will be announced in advance on Thursday.
Operation suggestion:
Gold-----sell near 3290, target 3260-3370
Last week, gold was basically a sell-off. It basically fell from Monday to Friday. There were two repairs in the middle. In the end, the daily line still closed with a negative line, and the weekly line broke the key support. The sell-off formed a new top in the cycle. If gold continues to decline this week, it is very likely to form a double top on the weekly line. The cyclical rise of gold is due to the situation in the Middle East. Now that the situation in the Middle East has eased, gold will enter a cyclical decline. In the short term, we should try to sell bearish at a high price. Today, Monday, I predict that gold will repair and rebound and continue to fall. There is a long tail in 4H, and it is difficult to fall in the short term. Today's idea is to buy short and sell long. There are only 4 days in the US market this week, there are holidays, and there are heavy data to be released.
We cannot predict the height of its rebound in the Asian session. We can be sure that there is a double bottom in the hour and stabilization in the 4-hour session. The first small suppression is around 3282, and the strong suppression is 3294 and 3309. There is also an integer level of 3300 in the middle. I estimate that these positions will be obstacles to buying. If the Asian session first reaches around 3268, consider buying opportunities. If there is a rebound in the middle, you can also sell directly at the suppression position. The selling order takes a longer time.
Support 3268-3263, strong support 3247, and the watershed between strength and weakness of the market is 3283.
Fundamental analysis:
This week is a data week, and there is a holiday on Friday, because the non-agricultural data on Friday will be announced in advance on Thursday.
Operation suggestion:
Gold-----sell near 3290, target 3260-3370
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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.