🔥GOLD UNDER PRESSURE FALLS
Updated
After the opening of the week, spot gold experienced a wave of violent market fluctuations due to the escalation of tensions in the Middle East over the weekend. Gold prices opened in the morning and jumped as high as $2,372.45 per ounce, but then turned around and fell below the $2,350 per ounce mark.
From a technical analysis, the current dividing line between long and short prices is still at the mid-track pressure position near $2,370 per ounce. Although there are buying orders in the market, there are still many short orders at the top. The daily chart shows a long negative line, one of the biggest declines since December. Therefore, despite the bullish news, we still need to be vigilant about the pressure from above. Looking at the broad range, the price repeatedly tested the low of $2,333 per ounce last week, and then stabilized and rose after oscillating around this support position. Therefore, this position is likely to become the bottom, forming a high probability event for market correction. As long as the previous low is not broken, multiple orders can be placed repeatedly around the 2333 support position. However, considering the influence of recent news, the price may break through 2333. At this time, we need to pay attention to the multi-bottom support level of 2320, which is regarded as the extreme position of this round of correction and the bottom line of correction.
The previous high of 2366 is regarded as the top-bottom transition position and is the suppression point in the morning session of the day. It is recommended to participate in short orders around this position. The phenomenon of gapping higher in the morning is partly due to the continuous decline at the end of last week and the lack of corrective actions. On the other hand, the risk aversion stimulus caused by the weekend news led to the emergence of a gap. A large negative line at the top appears on the four-hour chart, indicating a clear bearish trend. This is an evening star pattern that starts from above the moving average and directly breaks through the support line and the moving average.
On the whole, today's short-term gold operation advice is to mainly go short on rebounds, supplemented by longs on callbacks. The top focus is on the 2365-2372 resistance range, and the bottom focus is on the 2318-2333 support range.
From a technical analysis, the current dividing line between long and short prices is still at the mid-track pressure position near $2,370 per ounce. Although there are buying orders in the market, there are still many short orders at the top. The daily chart shows a long negative line, one of the biggest declines since December. Therefore, despite the bullish news, we still need to be vigilant about the pressure from above. Looking at the broad range, the price repeatedly tested the low of $2,333 per ounce last week, and then stabilized and rose after oscillating around this support position. Therefore, this position is likely to become the bottom, forming a high probability event for market correction. As long as the previous low is not broken, multiple orders can be placed repeatedly around the 2333 support position. However, considering the influence of recent news, the price may break through 2333. At this time, we need to pay attention to the multi-bottom support level of 2320, which is regarded as the extreme position of this round of correction and the bottom line of correction.
The previous high of 2366 is regarded as the top-bottom transition position and is the suppression point in the morning session of the day. It is recommended to participate in short orders around this position. The phenomenon of gapping higher in the morning is partly due to the continuous decline at the end of last week and the lack of corrective actions. On the other hand, the risk aversion stimulus caused by the weekend news led to the emergence of a gap. A large negative line at the top appears on the four-hour chart, indicating a clear bearish trend. This is an evening star pattern that starts from above the moving average and directly breaks through the support line and the moving average.
On the whole, today's short-term gold operation advice is to mainly go short on rebounds, supplemented by longs on callbacks. The top focus is on the 2365-2372 resistance range, and the bottom focus is on the 2318-2333 support range.
Note
Gold prices jumped as high as $2,372.45 at the open on Monday as Iran fired missiles at Israel late Saturday night, boosting demand for safe-haven assets. However, since most of the missiles were intercepted and there were no reports of deaths; Israel informed the United States that it does not intend to significantly escalate the conflict; risk aversion failed to continue to rise, and the current gold price fell back to around 2350. If the situation in the Middle East does not deteriorate further, then Gold prices are facing a trend of peaking in the short term.
Judging from the current situation, the geopolitical situation in the Middle East may continue to attract investors' attention, but it is expected that it will not be able to provide further upward momentum for gold prices until the situation further escalates. On the contrary, judging from the experience of "boots landing", bulls who made profits in the early stage may take the opportunity to take profits, which may trigger a correction in gold prices or a high and volatile operation. As rising tensions in the Middle East prompted investors to seek shelter in safe-haven assets, gold prices rose to more than US$2,400 per ounce on Friday, hitting a record high of US$2,431 per ounce, rising for the fourth consecutive week, but heavy losses in late New York trading It fell more than US$100 to close at US$2,344.61 per ounce, highlighting the strong demand for profit-taking in the market.
This trading day needs to focus on the monthly rate of U.S. retail sales, which is known as "horror data". The market is expected to increase by 0.3% month-on-month; this week will usher in the speeches of many Federal Reserve officials such as Federal Reserve Chairman Powell. Investors need to pay close attention to if The Fed continues to send hawkish signals, which may prompt a correction in gold prices
Note
Note
Gold fell rapidly and fell below the trend line. The short-term decline reached $20. Focus on the 2318-2333 support range.Note
Note
Note
Today's gold market conditions can be described as magnificent. First, the market broke through the previous narrow range of 2345-2360, and then fell below the intraday low of 2344. Then there was a plunge, with the lowest touching the 2324 line. However, under the influence of the smashing market, gold prices rebounded quickly and recovered all losses. This kind of market is often called "washing"; then the overall trend is currently weak. The current 1-hour MA moving average crosses downward and points downward, but the current market has touched the 20-day moving average of the 1-hour period. In the market outlook, we need to pay attention to the breakage of the mid-rail and the trend direction. The KDJ of the 1-hour period and the 15-minute period both cross upward and point bullishly, and there is upward momentum in the short term. However, each period is currently blocked below the mid-track, so the overall market outlook can continue to see a downward trend.
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