Gold is falling. Where is the low point?Market summary:
Yesterday, thanks to the weakness of the US dollar, the US dollar once fell below the 99.0 mark. Spot gold rebounded from the low of 3293 hit earlier in the session, recovering all the losses during the day, and the highest point was near 3338.
It fell from the high point in the early Asian session on Tuesday, and has been consolidating in the 3300-3310 range so far. In my early analysis, I pointed out that there is a high probability that the fifth wave of the wave trend will fall at the beginning of this week, and as I predicted, it is completing the fifth wave of the downward trend.
Trend analysis:
From the four-hour chart, the fourth wave of rebound has been completed, so today is the fifth wave of the downward trend. Next, we look at the two target ranges.
The first target is around 3280, and the second is 3260-3350. And today, it is highly unlikely to stabilize above 3310, so don't choose to short at the rebound high point, the chance is very slim.
Operation strategy:
Short around 3310, stop loss at 3320, profit range 3380-3350.
