Can gold regain its dominance as risk aversion surges in?
On Monday, the gold price did not continue the decline from last Friday. After hitting $2877 in the morning, it fell back, but the magnitude of the decline was not significant. The European market rebounded strongly, forming a bottoming out rebound. However, our original strategy of relying on the pressure of 2880 to see a decline also failed. After breaking through 2880 in the US market and falling back, we decisively turned back and participated in more, reaching the target point of $2894.
After the adjustment of the daily chart last week, it temporarily ended yesterday after being engulfed by a strong bullish trend. However, although there was a downward bearish trend on the weekly chart, the structural single bearish trend cannot determine the overall direction of the adjustment. After the daily Bollinger Bands closed, it entered a volatile market. Today, the focus is on the support at the position where the top and bottom of 2877 will switch.
Within an hour, the gold price continued to rebound on Monday, especially after breaking through the Asian high of $2877 in the US market last night. There was a rapid retracement confirmation during the US trading session, completing the top bottom transition. Today, it is in a sideways state, so today's defense needs to focus on the range of $2877-75. If we hold onto this area, the rebound will continue, with a focus on $2910-2915 above.
Today, I believe that with 2875 as the dividing point between long and short positions, if we look up and rebound to $2910-2915, the overall market will still be mainly volatile, and it will take some time to repair long and short positions before choosing the direction of the market.
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