12.11 Gold Breakthrough? Exploring the bottom?Gold broke through the range yesterday and rose sharply, with a medium-sized positive line on the daily line.
This is mainly because it did not retreat to the key resistance level of 2688-9, which was the previous decline.
In addition, it also formed another force at 7-8 o'clock in the morning, and went through a cycle.
In terms of technical points, today's technical points are basically the same.
1. The previous day was strong, and the second day's morning 7-8 o'clock saw an increase.
2. The morning rose, forming a low point watershed. Today is 2693.
3. The European session broke the previous day's high, so the US session must be long twice, and the correction at 6-8 o'clock requires one more time in the US session.
4. There was no cyclical decline after 10 o'clock in the US session yesterday, and the resistance level of 2689 was blocked, but there was no decline.
5. The rise continued to break the high in the early morning, and it is destined to have more cycles in the morning today.
And the morning continued to rise, breaking the 2700 line. How to look at it today?
From the 4-hour perspective, the market has been rising with broken Yang all the way. There are two trends for this pattern:
1. Continue to accelerate the rise at the current position. The upper resistance is 2722-24, the previous high point.
2. This kind of broken Yang has a relatively fast bottoming out and rebound during the day, and then continues to be strong.
Because after the morning market, the long position is very stuck, it depends on how to understand it:
From the perspective of the pattern, it is unnecessary to short, either continue to wait, continue to rise during the day, and continue to be long in the US market.
Or wait for more intraday retracements, but this kind of retracement now, if it returns to the starting point in the morning, it is not meaningful, and it can only break the position and rise.
Therefore, we are more inclined to the latter, and the European market will quickly bottom out and rebound during the day.
In other words, there is no need to chase the longs, wait for more intraday retracements, or wait and see the US market.
Although the watershed in the morning is at 2693, according to the continued rise in the early morning, the watershed is at 2684-5, which is the focus of today's attention.
In view of the intraday retracement, especially the retracement after breaking the watershed, we are considering more, and we will see the bottom rise.
Or it is extremely strong, and it will continue to pull up directly, and we will see the show during the day, and we will see more highs and falls in the US market. The key resistance above is 2722-4.
Short-term support is 2684-5. Other positions are not considered for the time being, just pay attention to the intraday prompts.
