There may be a downward adjustment today!Yesterday, gold fell under pressure at 3150 and then tested the 3100 mark again in the evening, breaking the previous trend line that had been rising for several days. The market gradually slowed down from strong bullish trend, and the daily line turned negative.
Don’t expect the market to turn to bearish and fall sharply at this point. The long-short conversion needs time to brew, and now it is still a bullish trend, so the probability of forming a volatile trend here is relatively high, with a range of 3138-3100. Only when it breaks below 3100 can we see the market turning to bearish.
If the daily line is just a single negative correction, it will not change the overall upward trend. It depends on whether it can continue to close negative today.
The previous trend line support broke and turned into a pressure line, basically coinciding with the 3135-3138 pressure line. This morning's three consecutive positive waves just touched it. The key depends on the performance of the European session:
If the European session suppresses the decline and weakens, then the third test of 3100 may break.
If the European session continues to strengthen and break through 3138, it will also hit the high point of 3148-3149
In terms of trading,
1. Directly push up and break the high, aggressively chase long at 3132, stop profit at 3145;
2. Continue to buy after falling back to 3133, stop loss at 3125 if the callback is too large
3. The European session rebounded several times but failed to maintain sideways, lightly short at 3132 in the evening, and automatically stop profit at 3110 around midnight.
