Although gold is still relatively strong, it has already reached its peak
Gold rose slightly around 3057 in early trading on Thursday (March 20th), but was blocked from falling. The European market continued to decline, with the lowest falling to around 3025. The US stock market fluctuated and rose, reaching a high of around 3046 before the close. The daily chart finally closed with a small solid bearish candlestick with a lower shadow longer than the upper shadow.
From a daily perspective, gold showed a correction trend of rising and falling on Thursday. However, after entering the US trading session, the price fluctuated and rebounded again. At the same time, the moving average system showed an upward divergence pattern. Based on this, regarding yesterday's decline in gold prices, it can be temporarily regarded as a short-term correction trend. Overall, the short-term market still maintains a strong state.
In terms of intraday operations, it is important to focus on the support provided by the short-term moving average MA5. Currently, the position of the short-term moving average MA5 is around 3034, followed by the support situation near yesterday's low point 3025. If the price falls below this support range, we need to be alert to the possibility of the market entering a correction phase. In terms of resistance above, focus on the resistance level near yesterday's high point of 3056.
Today's trading strategy:
Gold rebound 3050 short selling, defending 3058. Target 3035-3025;
Gold retracement 3025, buy long, defend 3018. Target 3040-3055;
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