Can gold continue its decline?
After gold hit a high and fell back, the price stopped falling and rebounded at 2584. From the current trend, it is in the upward channel. The hourly trend fluctuated upward along the channel, and the price adjusted under pressure at 2640 to form a double top and fell back. By Friday, the price formed a downward break. The current price is in a narrow range of 2610-2620. If this range breaks up, the price will return to the upward channel again, and it is expected to hit the 2640 line again in the future. However, the overall trend needs to be reversed if the price stabilizes at 2670. If the gold price breaks below 2610, the short-term trend will still follow the previous downward trend and test the 2584 line below.
On the whole, gold is in the adjustment stage of falling back from high levels. In the short-term, it will break down and adjust. Pay attention to the momentum in the range. If the subsequent price forms a narrow horizontal movement of 2610-2620, the trend will still be weak, so you can participate in short orders in the rebound pressure 2620-2615 area.
On the long side, the price needs to return to the upward channel, test the 2640 line to confirm the trend, and then adjust to 2630 before participating in the long position.
