Gold reverses V after reaching the top
Updated
The current reverse V-shaped reversal of gold is likely to go short because some institutions have exited long orders at high levels, causing the market to reach a high of 2276 again and then start to fall. So we should continue to see the next wave of shorts. Go to 2253-2250 below, near the lowest support of today's correction. If it falls below, look at 2246 below or even the early 2235 support.
The current reverse V-shaped reversal of gold is likely to go short because some institutions have exited long orders at high levels, causing the market to reach a high of 2276 again and then start to fall. So we should continue to see the next wave of shorts. Go to 2253-2250 below, near the lowest support of today's correction. If it falls below, look at 2246 below or even the early 2235 support.
Note
In fact, the rise in gold prices reflects the wrongness of the decision to cut interest rates. If inflation falls with interest rates, then real interest rates will remain the same. However, since inflation is rising, real interest rates are actually falling, which is the fundamental reason for the rise in gold pricesNote
Pay attention to changes in market expectations for interest rate cuts by the Federal Reserve and the performance of the U.S. dollar and U.S. bond yields, which will also affect the short-term gold price trend.Note
In the U.S. market, spot gold's short-term gains expanded to over $10, setting a record high of $2,274.21 per ounce, rising nearly $23 on the day.
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