Gold Spot / U.S. DollarUpdated Gold rebounded beyond expectations, what to do?
Today, gold successfully broke through the high of 2640 in the European session and has reached near 2655. The short-term bullish and bearish situation changed quickly, but the huge negative decline in the daily line laid the foundation for bearishness. Tonight's US session is expected to be a trend of rising and falling. Pay attention to the pressure near 2658 on the top and the support of 2630 on the bottom. If it falls below, it will continue to test the 2620 mark. The 1-hour moving average of gold is still a short-term arrangement of a dead cross downward. After the sharp drop in gold on Monday, gold continued to bottom out and rebounded yesterday, but it was still oscillating back and forth. Today, the rebound continued, but gold was still under the pressure of the previous low of 2658 in the 1-hour. Gold is still a rebound. The market is changing rapidly. It is normal to rebound after falling too much, but it is too early to define that gold has reversed. On the whole, today's short-term operation strategy for gold is to focus on rebound shorting and supplemented by callback longing. The short-term focus on the upper side is 2658-2660 resistance, and the short-term focus on the lower side is 2610-2605 support.
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