Gold bulls and bears are anxious
Gold has experienced a clear downward trend in the recent period, followed by a certain rebound correction. The current price is fluctuating in an upward channel, indicating that it may be in a correction or rebound stage in the short term.
The current price (2624.51) is between the 0.236 and 0.382 areas, indicating that the upward momentum has weakened.
If the price breaks through 0.382 (2638.58), it may further test the 0.5 (2655.25) and 0.618 (2671.92) areas.
The current price is oscillating in an upward channel, indicating that bulls dominate the market in the short term, but the overall trend still needs to be observed whether it breaks through the upper track.
The key support area below is 2610-2620 (green rectangular box), which is an important line of defense for bulls. If it falls below this range, it may retest the low of 2584.61.
Short-term traders can pay attention to whether the price breaks through the pressure level of 2638.58. Once it breaks through, they can consider going up to around 2655.25.
Medium-term traders should be alert to the effectiveness of the support below. If it falls below 2610, they need to avoid the risk of further decline.
The market is still affected by the game of long and short forces. It is recommended to pay close attention to global macroeconomic events (such as the Federal Reserve's interest rate decision) and changes in market risk aversion.
In summary, gold is currently in a correction stage, with a short-term trend of more than 2638.58, but it is necessary to be alert to the risk of a callback. It is recommended to use support and pressure levels as the main reference points.
