During the Asian trading session, spot gold maintained a volatile downward trend and is currently trading around 3210, with a daily decline of about 0.55%.
Short-term trend judgment
Spot gold has failed to test the 3251 resistance level several times recently, indicating insufficient upward momentum. It is expected that the price will re-test the recent low of 3154.
The rebound structure that started from 3120 previously showed a three-wave pattern, which has now been confirmed to be completed. Among them, the bottom of wave b is at 3154, which has become a key short-term target.
If the price unexpectedly breaks through the 3251 resistance, the upward trend is expected to continue, and the next target range is 3286-3322.
Daily level trend evolution
The gold price has failed to effectively break through the 3251 resistance for several consecutive trading days, indicating that the rebound momentum is gradually exhausted.
From a larger cycle perspective, the upward structure started from 2583 has been complete, and the market may start a callback process to the bottom of 2956.
Key price tips
Support: 3154 (recent low), 2956 (mid-term correction target)
Resistance: 3251 (bull-bear boundary), 3286-3322 (upward space after breakthrough)
Operation strategy:
Gold rebounds to the 3230-3250 area and participates in short-term layout in batches. Stop loss above 3270. Downward targets 3200 and 3150.
Intraday short-term can go down to 3200 support without breaking, and participate in the rebound market. Stop loss 3193, short-term targets 3220 and 3235.
Conclusion
The current technical pattern tends to be bearish, and the effectiveness of the support of 3154 US dollars/ounce needs to be closely monitored. If this level is broken, it will further confirm the continuation of the mid-term correction trend.
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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.