From a technical perspective, gold has a large downward space after rising and falling in the early trading. From 3438 to the current 3365, the price is close to 73 US dollars. Under this change, we should pay attention to the long and short changes of gold and whether they will continue. From the perspective of cycle performance, there is a high possibility of a wave of adjustment space under the three consecutive positive lines of the daily line, and the intensity of this adjustment will not be small. It is possible that the big negative line swallows the positive line and goes directly below 3300. If it comes out like this, then it can be said that it is difficult for gold to rise again this week. On Thursday and Friday, there may be a shock decline or high-level shock. From the perspective of the 4-hour cycle, a big negative line closed, covering the previous consecutive positive lines, and breaking the support of the 5- and 10-day moving averages. This wave may continue to fall to the Bollinger middle rail near 3300, but if it is a high-level shock, the Bollinger middle rail is not broken, and it may rise again to the high point of 3430. Therefore, gold has experienced a big rise and fall in this cycle, and it is possible to rise or fall now. First, pay attention to the support effect of 3360-3350 under the weakness in the early trading. If it is not broken, you can continue to be bullish. The upper target is 3400. If the strength is strong, look at 3430.
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.