The daily chart on Friday closed with a negative line, and the weekly line also closed with a negative line after stopping eight consecutive rises. The monthly line continued to close with a positive line, but the upper shadow line was long, indicating that there was pressure from above.
From a general perspective, this round of gold price retracement can be regarded as an adjustment. The upward trend has not been completely reversed. With the release of fundamental news by the market and the repair of technical cycle indicators, there is a probability that the market will rise again in the future.
With the easing of geopolitical events, the overdraft of bullish sentiment, and the closing of profit-taking, it is normal for prices to adjust. At the same time, during the adjustment process, they all reached the support level we expected and rebounded at the support level, which can increase the expected probability of the next step.
In the last week of this month, the gold price maintained a retracement adjustment as a whole. During this period, the long and short shocks and competitions were fierce. The rebound on the last day can show the effectiveness of the key support below. If there are risk events on the weekend to enhance risk aversion and support, then the phased retracement is likely to come to an end for the time being.
Next week, the market will usher in the heavyweight NFP data, which happens to be the same day as some central banks announce their gold reserves. At that time, the fierce competition between the markets will surely be staged again. Before that, it can be confirmed that the gold price retracement has temporarily ended, and the upward rebound will most likely return to the price of 2900 again.
From a general perspective, this round of gold price retracement can be regarded as an adjustment. The upward trend has not been completely reversed. With the release of fundamental news by the market and the repair of technical cycle indicators, there is a probability that the market will rise again in the future.
With the easing of geopolitical events, the overdraft of bullish sentiment, and the closing of profit-taking, it is normal for prices to adjust. At the same time, during the adjustment process, they all reached the support level we expected and rebounded at the support level, which can increase the expected probability of the next step.
In the last week of this month, the gold price maintained a retracement adjustment as a whole. During this period, the long and short shocks and competitions were fierce. The rebound on the last day can show the effectiveness of the key support below. If there are risk events on the weekend to enhance risk aversion and support, then the phased retracement is likely to come to an end for the time being.
Next week, the market will usher in the heavyweight NFP data, which happens to be the same day as some central banks announce their gold reserves. At that time, the fierce competition between the markets will surely be staged again. Before that, it can be confirmed that the gold price retracement has temporarily ended, and the upward rebound will most likely return to the price of 2900 again.
Note
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If you don’t know where to start trading, you can join the channel and get accurate trading signals
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🏆Contact me to copy trading:
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Related publications
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.