Short term high volatility of gold, key to success or failure at 3038
On Tuesday, the overall gold price showed a volatile state, with the highest price rising to 3035.8 and the lowest falling to 3007.36, closing at 3019.7. We have always emphasized that the strength or weakness of the short-term market is determined by the gains or losses at this position. After the short-term fluctuations during Tuesday morning trading, the price first corrected upwards, and then broke through the short-term resistance level after the European trading session. After breaking through, the price fell again in the US trading session and then rose, ultimately closing at the daily bullish line. From a daily perspective, as time goes by, the current position of 2988 has become a key watershed for the band trend. Prices above this position remain bullish in the band, and price declines are only treated as a correction in the upward trend of the band. At the same time, according to the four hour level, the current position of 3016 has become a short-term watershed, so there is a tendency for prices to rise in the short term. Currently, we are focusing on the daily support range of 2988-3057 for oscillation, and the four hour support level is too high. Targeting the position of 3038 has become a key resistance, and once it breaks, it is expected to test the previous high again. Currently, we are treating it as an overall oscillation for the time being.
Gold is temporarily fluctuating at a high level, pay attention to the gains and losses of 3038
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