Gold fell from its high yesterday
Gold fell from its high yesterday. The price fell back to 2720 and fell to 2605. The trend also gave up the gains of the four days of the previous week.
The daily trend still maintains a five-wave decline structure. The upper 2720 line resistance is under pressure. The lower 2540 line support. It is currently in the decline correction stage in the high range trend.
The head and shoulders bottom structure on the 4H yesterday broke down. It is currently rebounding and repairing at 2607-2630.
The price on the 1-hour line was under pressure to the high points of 2721 and 2686. The upper 2650 line downward trend line is under pressure. If this position is broken, gold will enter the rebound stage in the short term. Test 2660 and 2686 above. The lower 2609 line support, if this position is broken, gold will accelerate its decline, and test 2580 and the bottom of the range near 2540 below.
Overall, gold has been in a high-level wide range trend recently. The short-term trend is weak. In terms of operation, the idea of rebounding and selling is the main idea. In the short term, focus on the 2640 line, and participate in short position layout when the rebound comes under pressure and weakens.
The daily trend still maintains a five-wave decline structure. The upper 2720 line resistance is under pressure. The lower 2540 line support. It is currently in the decline correction stage in the high range trend.
The head and shoulders bottom structure on the 4H yesterday broke down. It is currently rebounding and repairing at 2607-2630.
The price on the 1-hour line was under pressure to the high points of 2721 and 2686. The upper 2650 line downward trend line is under pressure. If this position is broken, gold will enter the rebound stage in the short term. Test 2660 and 2686 above. The lower 2609 line support, if this position is broken, gold will accelerate its decline, and test 2580 and the bottom of the range near 2540 below.
Overall, gold has been in a high-level wide range trend recently. The short-term trend is weak. In terms of operation, the idea of rebounding and selling is the main idea. In the short term, focus on the 2640 line, and participate in short position layout when the rebound comes under pressure and weakens.
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