Gold market analysisTechnical analysis of gold: Gold surged to around 2912 yesterday, and retreated to around 2896 at night before starting to rise. It retested around 2905 again in the morning and continued to rise, but then it fell sharply and quickly in the morning and touched the 2905 line. 2095 is the starting point of the morning and the dividing line between long and short today, but it does not mean that it has peaked after falling below 2905. Falling below 2905 only means that it will not break a new high today. It is likely to maintain volatility today and continue to rise.
At present, gold is still dominated by bulls. Although it has risen sharply during the week, we are still inclined to close the week with a negative line or a long upper shadow line after 7 consecutive positive weekly lines. Today's intraday high of 2942 ushered in a rapid dive, indicating that the bears are counterattacking or the bulls have a need for profit-taking; with the rise in prices and the impact of news, the volatility is increasing, and the fluctuation of 10-20 US dollars is completed in an instant. As for the next step, whether gold will go to 3,000 US dollars or fall back, everything is possible; today's strong support below focuses on the 2896 US dollar line.
In today's short-term operation of gold, it is recommended to mainly go long on callbacks and supplementary short selling on rebounds. The top short-term focus is on the 2940-2942 first-line resistance, and the bottom short-term focus is on the 2896-2900 first-line support.
