Gold fell back and continued to reboundFrom a technical perspective, gold fell slightly in the Asian session and stabilized at the 2880 mark, bottoming out and rebounding strongly. In the afternoon, the European session accelerated its upward breakthrough and stood above the 2900 mark, continuing its strong upward trend. In the evening, the U.S. session accelerated its upward breakthrough to pierce the 2927 line and fell under pressure and closed in a volatile market. The daily K-line closed strongly and rebounded for two consecutive days. The overall gold price returned to the bullish strong range after breaking through and standing above the 2900 mark. Gold rose in the past two days as a safe haven, but gold fell under pressure at the 2927 line. The hourly moving average of gold is now beginning to form a golden cross and diverge upward, but gold has begun to rise and fall. In addition, there are many data in the second half of this week, and the shape of the gold moving average is very easy to change. Gold rebounded near 2920 in the second half of the night and continued to fall under pressure. We have repeatedly reminded people not to chase highs, and there is a need for technical adjustments.
Judging from the current gold trend, today's lower support is focused on the second low point of yesterday's US market at 2897-2903, and the upper pressure is focused on around 2925-27. During the day, we will continue to rely on this range to maintain the main tone of high-altitude low-multiple cycles. In the middle position, we should watch more and do less, and be cautious in chasing orders, and wait patiently for key points to enter the market.
Gold operation strategy: Buy at 2897-2903 when gold rebounds, and buy at 2888-90 when it falls back. Stop loss at 2883, target at 2920-25, and continue to hold if it breaks.
