The recent plunge in gold does not mean that it has reached its peak, but is affected by the liquidity crisis caused by the global market crash, rather than the top signal of gold itself. A similar situation occurred last year, so this plunge is not surprising. Whenever gold falls, there are always people who speculate that it has reached its peak, but in fact, the operation methods of the market leaders have led to this situation. They have completed the escape and bottom-fishing actions faster than retail investors.
The conditions for gold to reach its peak are not short-term market fluctuations, but world peace, economic recovery, and international cooperation between major countries. The current game is mainly concentrated between China and the United States. The competition between these two major economies has an important impact on the trend of gold. Gold has become a financial instrument in this context. The fluctuation of the market is the result of the alternation of long and short forces. The market essentially presents a cycle of prosperity and decline, alternation of yin and yang, and resurrection from death.
Regarding the future trend, although there may be further lows next week, the short trend may have been completed, so it is likely to rebound at the beginning of next week before a new downward band will be opened. Therefore, it is recommended to pay attention to the opportunity of pullback when operating, and avoid chasing shorts and chasing longs. If the gold price rebounds to the 3065-3075 area, you can consider shorting; if it falls to around 3000, you can try to rebound.
At present, the short-term trend of gold is bearish. The daily chart shows a big negative line falling and breaking through the short-term moving average. On the 4-hour chart, the Bollinger Bands open downward and the K-line shows a downward trend. The gold market has fluctuated violently recently. It first rose rapidly to 3136, and then fell back quickly, breaking the previous day's low. The current price has fallen back to around 3053, and gold may continue to adjust in the short term. The 3000 mark is a key support level. If it breaks through, it will further open up the downward space.
In general, gold is currently in a weak pattern and may continue to be under pressure to fall in the short term. Next week, pay attention to the support level in the 3050-3054 area. If the price rebounds to the 3060-3070 area, you can consider shorting. The important support level is 3000. If the price falls below 3000, it will continue to fall, otherwise it may rebound.
The conditions for gold to reach its peak are not short-term market fluctuations, but world peace, economic recovery, and international cooperation between major countries. The current game is mainly concentrated between China and the United States. The competition between these two major economies has an important impact on the trend of gold. Gold has become a financial instrument in this context. The fluctuation of the market is the result of the alternation of long and short forces. The market essentially presents a cycle of prosperity and decline, alternation of yin and yang, and resurrection from death.
Regarding the future trend, although there may be further lows next week, the short trend may have been completed, so it is likely to rebound at the beginning of next week before a new downward band will be opened. Therefore, it is recommended to pay attention to the opportunity of pullback when operating, and avoid chasing shorts and chasing longs. If the gold price rebounds to the 3065-3075 area, you can consider shorting; if it falls to around 3000, you can try to rebound.
At present, the short-term trend of gold is bearish. The daily chart shows a big negative line falling and breaking through the short-term moving average. On the 4-hour chart, the Bollinger Bands open downward and the K-line shows a downward trend. The gold market has fluctuated violently recently. It first rose rapidly to 3136, and then fell back quickly, breaking the previous day's low. The current price has fallen back to around 3053, and gold may continue to adjust in the short term. The 3000 mark is a key support level. If it breaks through, it will further open up the downward space.
In general, gold is currently in a weak pattern and may continue to be under pressure to fall in the short term. Next week, pay attention to the support level in the 3050-3054 area. If the price rebounds to the 3060-3070 area, you can consider shorting. The important support level is 3000. If the price falls below 3000, it will continue to fall, otherwise it may rebound.
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.
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.