🔥GOLD GOES SHORT AFTER REBOUND✅✅
Updated
After today's opening, gold suffered two smashes again, falling below the 2318 support and even falling below 2300, a drop of nearly a hundred points. Since the fall from the high of 2417, gold prices have been under pressure and the decline has further expanded. On the daily chart, the price of gold first shot up to around US$2,431, and then fell back to nearly US$100. Although it rebounded, it encountered resistance near 2,400. Affected by Israel's attack on Iran last Friday, the price of gold once rose to around 2417, but finally closed at 2390, failing to reach a new record high. After the opening of the market on Monday, gold continued to fall and closed a big negative line. The moving average and MACD formed a dead cross, and 2331 and 2417 formed a top pattern. The 4-hour chart shows that gold prices show a step-like decline, the Bollinger Bands open downwards, the moving average continues to cross, the short trend is obvious, and the overall trend is bearish. The double-line dead cross of the MACD indicator has crossed the 0 axis and entered the weak area, verifying the trend of short-dominated markets. Investors should pay attention to the pressure levels of MA5 and MA10, which may become an obstacle to the rebound of gold prices.
During this round of gold market correction, investors should remain calm and should not blindly chase short positions. Gold fell below 2318 in early trading today, which means that short-term bull support has been broken down and further correction is expected. 2318 has now become a pressure level, and the next support level is expected to be in the 2250-2260 range.
On the whole, today's short-term advice for gold is to mainly go short on rebounds, supplemented by longs on callbacks, and focus on the 2318-2324 resistance range and 2250-2260 support range.
During this round of gold market correction, investors should remain calm and should not blindly chase short positions. Gold fell below 2318 in early trading today, which means that short-term bull support has been broken down and further correction is expected. 2318 has now become a pressure level, and the next support level is expected to be in the 2250-2260 range.
On the whole, today's short-term advice for gold is to mainly go short on rebounds, supplemented by longs on callbacks, and focus on the 2318-2324 resistance range and 2250-2260 support range.
Note
During the European trading session on Tuesday (April 23), gold continued its downward trend from the previous day. Spot gold remained volatile after falling sharply in the Asian session, falling to an intraday low of $2,291.39 per ounce. As concerns about conflicts in the Middle East have eased, boosting investor risk appetite and reducing safe-haven demand for gold, and as the market turns to expectations that the Federal Reserve may delay interest rate cuts, more bulls are taking profits as gold prices pullback. U.S. interest rates remain high, reducing the appeal of non-yielding assets such as gold. Today's economic data may influence the Federal Reserve's interest rate decision, which may affect gold price trends. A stronger U.S. dollar and expectations of continued high U.S. interest rates are putting additional pressure on gold prices. The Fed's hawkish stance on lingering inflation concerns could keep interest rates higher, which typically reduces the appeal of non-yielding assets like gold.Today's economic calendar features several important U.S. data releases that could impact spot gold trends. The manufacturing PMI forecast is expected to improve slightly from 51.9 to 52.0. The services PMI is also expected to rise from 51.7 to 52.0. The release of U.S. new home sales data, which is expected to rise from 662,000 to 668,000, provides further insight into the economic backdrop. Another indicator, the Richmond Manufacturing Index, is expected to improve to -7 from -11, indicating a possible recovery in manufacturing activity. These data points will provide valuable insights into the broader economic environment, influencing the Federal Reserve’s policy decisions and, therefore, spot gold price forecasts. Recent developments suggest a cooling of rising geopolitical tensions between Iran and Israel, mitigating the immediate threat of escalating tensions. This shift has led to a decline in the risk premium historically associated with gold during times of geopolitical uncertainty. Iran's apparent lack of immediate retaliation for the Israeli attack played a key role in this dynamic, encouraging people to move away from safe-haven assets
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