Today, the gold market continued its downward trend. It failed to break through the key resistance level of $3,365 in the early stage, and then fell under pressure. It is a normal price adjustment for the Asian market to break through the previous support level. The current price fluctuates around the strong support of $3,300. Coupled with several news to be released in the United States, the price trend is full of uncertainty. In this period of time, I don’t think it is suitable for shorting.
From the 4-hour chart, gold has insufficient upward momentum. After failing to break through the upward resistance level for a long time, it began to decline.
In the market last week, the price has always fluctuated between $3,330 and $3,365. In the narrow range of fluctuations, once a new trend appears, whether it is upward or downward, it may accelerate the price fluctuation range in a very short time; this is an instant release after accumulating energy. This is why the Asian markets suddenly started to move downward.
From the current market situation, the bulls are under great pressure, which is completely different from the strong upward pattern last week. At present, the trend of gold is more dominated by weak fluctuations.
Based on the current trend, we still follow the strategy of high-altitude and low-volume trading in our operations.
From the 4-hour chart, gold has insufficient upward momentum. After failing to break through the upward resistance level for a long time, it began to decline.
In the market last week, the price has always fluctuated between $3,330 and $3,365. In the narrow range of fluctuations, once a new trend appears, whether it is upward or downward, it may accelerate the price fluctuation range in a very short time; this is an instant release after accumulating energy. This is why the Asian markets suddenly started to move downward.
From the current market situation, the bulls are under great pressure, which is completely different from the strong upward pattern last week. At present, the trend of gold is more dominated by weak fluctuations.
Based on the current trend, we still follow the strategy of high-altitude and low-volume trading in our operations.
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Related publications
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.