The Asian gold market continued to decline in early trading, but rebounded and continued to sell short!
Gold won three consecutive high short positions yesterday, and continued to decline, breaking the new low of the past few days. Gold bears continued to exert their strength, and the early rebound of gold continued to be bearish.
If the 1-hour moving average of gold continues to cross and form a dead cross, and continues to diverge downwards, the downward space for gold will be further opened up. The oscillation range of gold has been broken, hitting a new low for this week, and gold will continue to weaken. Therefore, the rebound of gold is an opportunity to continue to give up. After rebounding to around 2634, gold will start to bear pressure and fall directly. In the morning, gold will continue to hit a high after rebounding to around 2630, and it can be empty first.
Gold has started to weaken significantly, and the range oscillation has been broken. The rebound of gold is an opportunity for short selling.
Will gold drop sharply today?
Today is off farm, and gold has broken through the oscillation range ahead of schedule. Therefore, there is still a high possibility of further decline in gold. The data on Wednesday and Thursday were all positive, and it did not make the gold bulls turn the tide, indicating that the confidence of the gold bulls is insufficient. Gold may further fall, and it is possible for gold to break below the 2600 level today. We will wait and see.
Operation strategy for morning trading in Asia:
Short selling gold 2630, stop loss 2640, target 2610-2600;
Disclaimer: The above is purely a personal opinion sharing and does not constitute operational advice. Investment carries risks, and profits and losses are borne by oneself.
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