The daily chart of gold shows that the RSI has fallen from nearly 80 to 50, suggesting that the recent decline in gold prices is not just a technical correction. Today's opening was low and continued the decline on Friday. The daily trend may form a continuous decline. The current high point continues to decline, indicating that it is easy to form a downward trend after encountering resistance.
After a sharp decline, gold K-line broke through the short-term moving average, the moving average began to decline, and the daily line showed signs of weakening. Pay attention to the support around 2950. In the 4-hour trend, the price fell below the support belt, continued to be under pressure from the short-term moving average, and maintained a downward trend. In the short term, pay attention to the 3015 pressure belt. After the rebound in the early trading, the adjustment and repair situation still needs to be observed.
Overall, the gold price is running below the 4-hour downward trend resistance line. The rebound is a retracement action. If the resistance is not broken, it will continue to fall. The short trend is still continuing, and the rebound is only a short-term correction. The shorts are still dominant.
Gold operation suggestions:
Gold short position layout suggestions: The price rebounds to the 3055-3050 area for short position layout, and the stop loss is set above 3070. Downward targets are 3005, 2975, and further break below 2950.
After a sharp decline, gold K-line broke through the short-term moving average, the moving average began to decline, and the daily line showed signs of weakening. Pay attention to the support around 2950. In the 4-hour trend, the price fell below the support belt, continued to be under pressure from the short-term moving average, and maintained a downward trend. In the short term, pay attention to the 3015 pressure belt. After the rebound in the early trading, the adjustment and repair situation still needs to be observed.
Overall, the gold price is running below the 4-hour downward trend resistance line. The rebound is a retracement action. If the resistance is not broken, it will continue to fall. The short trend is still continuing, and the rebound is only a short-term correction. The shorts are still dominant.
Gold operation suggestions:
Gold short position layout suggestions: The price rebounds to the 3055-3050 area for short position layout, and the stop loss is set above 3070. Downward targets are 3005, 2975, and further break below 2950.
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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.