Now the price of gold has slightly rebounded from a high position to above the lower track of the convergence range. Analyzing that the triangle convergence range has not broken, it should be seen that there is a rebound below, but given that the price of gold has fallen from a high position, it is also very short-term to go long now. The trend of gold today is relatively repeated. The first is that the price of gold fell below Thursday's low of 3288 in the early trading and pierced the lower track of the triangle convergence before pulling up. In terms of the overall structure, we conceived that it is the third wave of decline since the historical high of 3500. The prerequisite for establishing this trend is to fall below 3292. Before that, the two breaks last night and today's early trading were recovered. Then the market needs to pay attention to whether the price of gold will continue to test or break this position to go down in the C wave. Therefore, it is still necessary to maintain this idea. If the closing price of gold directly rises and breaks through the 3369 position, it proves that the 3500 position is not a historical high, and a higher position than this position will appear later.
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t.me/+_j0rbFDBRyY5Njg0
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100% accurate trading signals
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.