Gold reached a high of 3366. Although it broke through slightly, it failed to form an effective breakthrough and was only a false break. Subsequently, the bears led the market to continue to decline, breaking the key support of 3330 to 3320 at the end. The daily line closed with a medium-sized Yin line, directly breaking the short-term moving average support, ending the previous three-day positive trend. After the single Yin retreat, the upward trend failed to continue, and the risk of technical pattern reversal increased. The bears chose to break down, indicating that the market may fall further. The first test below is the support of the previous starting point of 3300. If this position is lost, the bearish target will point to the area near the previous low of 3270. The current market atmosphere is bearish, and the key pressure above has moved down to the 3340 line. It is expected that the rebound will be difficult to reach.
In terms of operation strategy: It is recommended that if gold rebounds first, it can be considered to continue to short near 3336-3338, stop loss 3347, and the target is 3310-3300 and below, and strictly stop loss to control risks. The overall bearish view is maintained.
In terms of operation strategy: It is recommended that if gold rebounds first, it can be considered to continue to short near 3336-3338, stop loss 3347, and the target is 3310-3300 and below, and strictly stop loss to control risks. The overall bearish view is maintained.
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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.