Gold market analysisIn the early trading today, gold suddenly plunged by more than $20 in the 2950 area, and then rebounded quickly, showing the intensity of the game between the long and short sides. At present, the support strength of the 2925-2920 range below is significant. Once this support level is effectively broken, the bears will take the initiative in the market. However, if the gold price is to fall sharply, it needs to successfully overcome the support of the 2915 area where the 10-day moving average is located. Since the current round of market started to rise from 2580, the price has been steadily climbing along the 10-day moving average. Therefore, only by breaking the 10-day moving average can the bears fully control the market rhythm and then test the 2900-2880 range downward (this range is the key watershed of the medium-term trend). Before the 10-day moving average is broken, the gold price will continue to try to rise
repeatedly.
There is strong suppression in the 2950-2955 range, so we can consider buying on rallies, and at the same time, we need to pay attention to the short-term pressure in the 2940-2942 area. If the gold price breaks through a new high again, it is likely to continue to rise and fall. At this time, we should pay close attention to the suppression of the 2965 area and the 2980 area. As for the 3000 mark, there is no condition for a breakthrough this week. Judging from the current situation, the possibility of a sharp rise in the gold price today is low. In terms of short-term operation ideas, it is recommended to focus on rebound shorting, supplemented by retracement and low longs. The short-term focus on the upper side is the 2940-2945 line of resistance, and the short-term focus on the lower side is the 2910-2905 line of support.
Gold falls back to 2910-2912, buy at 2910-2912, stop loss at 2903, target at 2920-2930. For short positions, pay attention to the situation around 2940 and enter the market when the opportunity arises.
