Gold remains weak, rebounding by 2605 and continuing to short sell
Yesterday, gold stabilized and rose at 2583 in the morning session, and continued to rise in the Asian session, reaching a high of around 2627. Subsequently, the decline began to be hindered, and the US market continued to decline, with the lowest falling to around 2587. The market remained volatile at a low level in the late trading session, and the daily chart closed with a inverted bullish candlestick line with a long upper shadow.
Gold showed a trend of rising and then falling on Thursday, with its price peak approaching the area near the daily short-term moving average MA5. At present, the moving average system is in a dead cross state and diverging downwards. As for today's market situation, it is necessary to first focus on the resistance situation formed by the moving average. Without effectively breaking through this resistance level, it should not be weak. It is expected to continue to break through the low point of 2583 today.
Today, it is important to closely monitor the performance of the current low point of 2583 and yesterday's high point of 2627. If the market continues its downward trend and falls below the low point of 2583, it may touch the 2660 line today, and even the previous bottom of 2536 is not impossible.
Gold trading strategy:
Rebound 2605 short, defend 2610, target 2590-2583
Step back 2583 buy more, defend 2575, target 2595-2510
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