XAUUSD: Lows not yet seen, continue to sell at high levels
Yesterday, the US dollar index began to rise after Powell's speech, reaching 100.9, and US bond yields also rebounded collectively. Affected by the rise of the US dollar and US bond yields, as well as the influx of a large amount of profit-taking funds into the Chinese stock market, gold has continued to fall recently, and yesterday's lowest point reached 2624 US dollars.
So is this the low point?
I think gold is currently in a downward trend and has not yet formed a bottom pattern. It will only rebound but not reverse.
From the trend in the hourly chart, we can see that the gold price is running along the downward trend channel. Now it is again above the trend channel of 2645, so I think the possibility of a breakthrough is not great, so I am going to short around 2645.
So is this the low point?
I think gold is currently in a downward trend and has not yet formed a bottom pattern. It will only rebound but not reverse.
From the trend in the hourly chart, we can see that the gold price is running along the downward trend channel. Now it is again above the trend channel of 2645, so I think the possibility of a breakthrough is not great, so I am going to short around 2645.
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