Gold is waiting for a rebound in early trading to continue short selling!
After the early opening of the gold market, the volatility of gold was not significant, and it is only rebounding now. Gold fell on Friday, and short-term gold bulls have been suppressed. After the rebound of gold, it continues to be bearish.
The 1-hour moving average of gold has started to turn downwards and is on the verge of breaking through. If the 1-hour moving average of gold breaks through and forms a dead cross bearish pattern, then the downward space of gold may open up. The resistance of the 1-hour moving average of gold has now moved down to the line near 3035, so the pressure on 3035 in the morning of the 1-hour moving average of gold is still high. The 1-hour high of gold has formed a head shoulder top structure. As long as the gold bulls cannot break through the new high again, the 1-hour high of gold is in the process of building a top at the high.
The market is constantly changing. Since gold has already started to adjust at a high level and gold bears are gradually starting to exert force, can gold fall below 3000 again? We'll wait and see.
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