Correction: On the rise, short gold below 2905 first!Gold has been rising for a long time, and there has been no major technical retracement in the middle. Last week, the weekly line of gold closed with a long upper shadow line, and the daily line rose and fell twice, forming a short-term double top on the daily line. This top will cause gold to enter an adjustment and repair this week. We are not sure whether 2942 is the big top of this wave, but it is certain that gold has encountered a strong pressure zone. The overall trend this week is bullish, and the short-term market outlook will fluctuate and repair. It is most important to find the right rhythm in operation and follow the repair range to make profits. Gold hit a 40-year high. Long-term bulls need time and space to determine the big top. The fundamentals are supporting gold in the near future. Today is President's Day of the United States. We expect there will be action in the Asian session. The action will become smaller during the European session when the US market is closed.
We expect gold to rise and fall in the Asian session. The plunge on Friday led to a large retracement on the daily line. There was a retracement in the morning session today. The first focus of the Asian session is the suppression area of 2901-2905. 2905 is the pattern suppression level, 2901 is the moving average and indicator suppression level, and the stronger suppression level is 2913. If this position is broken, we must think about whether gold has a new bull market.
Support is 2876 and 2888, suppression is 2901-2905, strong pressure is 2913, and the watershed between strength and weakness of the market is 2888.
