Gold relies on 2900 to suppress further short selling!
Firstly, the daily chart with an upper shadow of $34 indicates strong selling pressure above, and we remain firmly bearish today!!!
In terms of hourly chart, although the 5-day moving average has temporarily gained support, the short-term upward momentum has already broken through. It is expected that after consolidating at a high level in the white market, it is expected to further break down in the evening. Once it falls, the primary target below is around the 10 day moving average support of 2850, with strong support focused on the 2815-2820 area. If we break through the 2815-2820 area again, then the bearish position will be established!!!
So in terms of operation, there is huge profit margin for bears at present, and the speed keeps up with our short selling pace. In the evening, it is recommended to rely on the 2900 suppression to continue searching for opportunities and emptying, with the target set at 2850-2820!!!
(Investment carries risks, caution is required when entering the market; the above suggestions are for reference only, and profits and losses will be borne by the operator based on this.)
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