GOLD-Range fluctuation, waiting for direction
Updated
The key market trends this week may not come until Thursday, when the U.S. will release weekly initial jobless claims data and the U.S. core personal consumption expenditures (PCE) price index data will be released on Friday. Market reaction to the PCE data may not be seen until next week due to the Good Friday holiday. On Tuesday, we need to focus on the monthly rate of durable goods orders in the United States in February, pay attention to the Conference Board Consumer Confidence Index data in March, and pay attention to news related to the geopolitical situation.
At present, gold has no clear direction. There is one point that needs to be emphasized. Gold maintains an upward trend above 2145. Although it is an upward trend for the time being, it can be seen that it is currently oscillating at a high level and is weak.
The first key support point is at 2156, and the second key support point is at 2145. Only if it falls below 2145 can we see room for continued decline. From a small cycle perspective, gold did not break through 2180 on Monday, nor did it fall below the middle track of the trend line. , reflecting the strong suppression effect, and if the lower track of the trend line does not fall below, it cannot go out of a unilateral decline. Therefore, today’s small range is still 2162-2180, and the large range is 2156-2185
You can still buy low and sell high within this range and reasonably control your position, so you have a high chance of making a profit.
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Note
It currently reaches 2185, and the upper resistance is 2188, 2195Note
Gold hit SL today, luckily oil is still profitable nowNote
Is this gold against me? Hit my SL and start going downNote
From the daily chart, we can see that gold has formed two tops. If gold is below 2170 today, we can be more certain about the direction of gold's decline. If it is above 2175, we need to re-judge.
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