As shown in the figure: 30-minute cycle chartAs shown in the figure: 30-minute cycle chart
This week, the gold price broke through the head and shoulders bottom pattern and stopped at around $3,400
Following the sharp drop last Friday, the gold price trend showed a wide range of fluctuations, superimposed on the M chart resonance downward.
It is expected that the gold price will continue to fall on Monday.
1: On Monday this week, the gold price effectively broke through the blue macro triangle oscillation and went out of a new wave of pull-ups, but it was not until the highest point on Thursday that it effectively stood above the $3,400 mark. The downward trend after the release of non-agricultural data on Friday shows that the recent gold price is purely driven by policy and news.
2: The gold price has currently fallen below the central oscillation range of 3,340, and continues to fall and stop loss above 3,300. From this we draw the following conclusions:
A: As long as the gold price is below $3,340, the gold trading strategy should try to adopt a high-level short-selling strategy, with a stop loss set at 3,345-3,350.
B: 3,300-3,310 is the current effective support area. After fully testing the stability of the support level, you can consider trying to chase the short after the rebound high.
C: Key support level: 3200-3220-3250-3270-3300
D: Key pressure level: 3400-3340
Expected target for gold price decline on Monday: 3275-3250
