Gold V-shaped reversal still has room to rise In the morning, the market was under pressure at 3328, and two consecutive big negative lines fell to the low of 3302, breaking through the lower track of the descending flag consolidation channel, forming an effective break. 3317 was originally the confirmation point of the channel counter-pressure, and it was also the 618 split resistance at the time. Then the middle track was lost, and the trend was bearish, so it tried to rebound but continued to fall under pressure.
But the market immediately made a V-shaped reversal, breaking through the morning high of 3328, and had attacked to 3342 before the US market. The European session was volatile and strong, and with the help of a pullback before and after the U.S. session to lure short sellers, there is still hope for a second rise
The focus of the support for the retracement is on two positions: one is the 3322 line, corresponding to the middle track and 50% split support; the other is 3318, corresponding to the 618 split support. If it stabilizes after touching it, it will most likely point to the 3348 counter-pressure position.
If the pressure of 3348 cannot be broken, there is still a possibility of repeated fluctuations in the short term. It is necessary to pay attention to whether the secondary low point appears when it pulls back to further consolidate the support structure. If the market directly breaks through and stands above 3348, 3293 may have been confirmed as a short-term low.
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