Gold’s decline is not over yet, so be cautious when buying botto
Updated
https://www.tradingview.com/x/fy5lDIhE/
On Wednesday, as the US CPI rebounded as expected in October, the US dollar index remained strong, hitting a new high this year at 106.77. US Treasury yields soared collectively, with the benchmark 10-year US Treasury yield closing at 4.468%; the two-year US Treasury yield, which is more sensitive to monetary policy, closed at 4.294%.
Spot gold fell for the fourth consecutive trading day, hitting a daily high of $2,618 after the release of the CPI data, and then continued to fall. As of now, the lowest point has reached 2,555.
First of all, from the current 12-hour chart of gold:
It can be seen that the sequence 7 signal has appeared, which proves that gold is still in a downward trend.
There is no momentum to stabilize upward at present.
The first support position below is currently around 2,550.
If it falls below 2,550, the market may directly touch the low point near 2,520.
From the hourly chart:
It is a direct drop of $100 from around 2,710.
If we calculate from the 2620 level last night, and copy the previous market trend and drop by 100 US dollars, then it is around 2520.
The probability of gold breaking below 2550 is very high. Once it breaks below here, it will target 2520.
For the current operation, if it breaks below 2550 directly, then I think we can directly chase it and look at the 2520 level.
If 2550 is not broken for a short time, then wait for the rebound to around 2665 to enter the market and short.
On the contrary, if you want to go long, you need to wait until 2520.
On Wednesday, as the US CPI rebounded as expected in October, the US dollar index remained strong, hitting a new high this year at 106.77. US Treasury yields soared collectively, with the benchmark 10-year US Treasury yield closing at 4.468%; the two-year US Treasury yield, which is more sensitive to monetary policy, closed at 4.294%.
Spot gold fell for the fourth consecutive trading day, hitting a daily high of $2,618 after the release of the CPI data, and then continued to fall. As of now, the lowest point has reached 2,555.
First of all, from the current 12-hour chart of gold:
It can be seen that the sequence 7 signal has appeared, which proves that gold is still in a downward trend.
There is no momentum to stabilize upward at present.
The first support position below is currently around 2,550.
If it falls below 2,550, the market may directly touch the low point near 2,520.
From the hourly chart:
It is a direct drop of $100 from around 2,710.
If we calculate from the 2620 level last night, and copy the previous market trend and drop by 100 US dollars, then it is around 2520.
The probability of gold breaking below 2550 is very high. Once it breaks below here, it will target 2520.
For the current operation, if it breaks below 2550 directly, then I think we can directly chase it and look at the 2520 level.
If 2550 is not broken for a short time, then wait for the rebound to around 2665 to enter the market and short.
On the contrary, if you want to go long, you need to wait until 2520.
Trade active
Gold will continue to fallTrade closed: target reached
Chasing short remains unchanged
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