On the daily basis, gold is showing a bearish consolidation above the 100-day moving average and the 50% Fibonacci retracement of the uptrend from late February to early May (currently around 1940). The MACD indicator resumed bullish momentum, but the Relative Strength Index (RSI) stabilized near 50.0, indicating that the bearish move will continue. Gold from the 4-hour line, the relative strength index RIS is still in the 60-30 neutral weak area, while the MA200 moving average continues to form a pressure, is currently near 1977. The future outlook remains uncertain.
Overall, I still recommend a wide range of volatility in the evening gold operation.
Evening Gold Operation strategy:
Short order strategy: recommended 1955-1957 short, stop loss 1964, target near 1944;
Multi-single strategy: Recommended 1944-1942 long, stop loss 1937, target near 1955.
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