Gold opened low and moved lower today, and then rebounded near the previous low. Now, at the four-hour level, a downward trend channel is formed from 3500 to 3440. The current support of gold price is near 3164. This is the condition that it can fall below the previous low of 3200 before continuing to push down. The middle track is at the early high of 3292. At present, the gold price is running between the middle and lower tracks of the channel, so 3292 can be used as a medium-term long-short watershed. The main idea is still to be bearish and downward. Secondly, pay attention to 3252, which is also a defensive position on the way down. The 1-hour moving average of gold continues to cross the downward short position. There is still room for downward movement. The strength of the short position is still there. The US market rebounded twice and fell back under pressure near 3248. Then the US market continued to be under pressure at 3248. The high-altitude short position is basically in place. The short-term focus on the upper side is 3248-3252 resistance, and the short-term focus on the lower side is 3200-3160 support.
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99% accurate trading signals. Top analysis masters
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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.