Gold opened Monday with a dip before rising, breaking below last Friday's low, continuing its downward trend. However, the market did not continue its downward trend after the break, instead undergoing a rapid rebound, reaching a high near 3358, but remaining below the resistance level of 3375.
Currently, gold prices are fluctuating around 3350, indicating a lack of upward momentum. The characteristic of volatile markets is that they tend not to sustain. Breaking through key points often leads to a rapid rebound, while approaching key resistance levels above, the market enters a period of stagnation and could experience a correction at any time. In the short term, focus on the first resistance level of 3350-3360, and the second resistance level of 3370-3380.
If the price continues to withstand pressure at the first resistance level and fails to break through, it will likely undergo a correction, accumulating upward momentum before retesting the upward resistance level. If the first resistance level is broken, we will focus on the second resistance level, which will be the watershed between bulls and bears this week. If it breaks through and stabilizes above this position, gold will usher in an upward trend. Support levels to watch are 3330-3310.
Currently, gold prices are fluctuating around 3350, indicating a lack of upward momentum. The characteristic of volatile markets is that they tend not to sustain. Breaking through key points often leads to a rapid rebound, while approaching key resistance levels above, the market enters a period of stagnation and could experience a correction at any time. In the short term, focus on the first resistance level of 3350-3360, and the second resistance level of 3370-3380.
If the price continues to withstand pressure at the first resistance level and fails to break through, it will likely undergo a correction, accumulating upward momentum before retesting the upward resistance level. If the first resistance level is broken, we will focus on the second resistance level, which will be the watershed between bulls and bears this week. If it breaks through and stabilizes above this position, gold will usher in an upward trend. Support levels to watch are 3330-3310.
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With accurate market analysis and precise trading signals, I will lead my team to achieve geometrically multiplied profits in the gold market.
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.