Christmas market volatile, Asian market morning spot gold rebound or short selling
Gold fluctuated and rose in the Asian market, reaching a high of around 2633 in the afternoon. The European market was blocked and began to decline, while the US market continued to decline, with the lowest falling to around 2608. In the late trading session, it remained at a low level and fluctuated. The daily chart closed with a slightly longer upper shadow than the lower shadow, forming a small bearish candlestick.
The bond market, gold market, and most of the European and American markets will close early on Tuesday (Christmas Eve), and on Wednesday due to the Christmas holiday, market trading will be relatively light, but attention should still be paid to geopolitical news.
Technically speaking, from a daily level perspective, hardware prices showed an upward trend last Thursday and the week before. Although the market ended with a decline on Monday, after the opening today, the gold price remained stable above the 5-day moving average. This indicates that the market is likely to experience fluctuations in the short term. Looking back at yesterday's gold trend, there was a trend of rising and falling, with its high point just close to the position of the weekly MA5 moving average. Therefore, we will continue to pay attention to the resistance formed by this moving average today. Before breaking through this resistance, the overall market is expected to maintain a volatile and weak pattern.
Gold:
Rebound 2630 short, defend 2638, target 2615-2600
Step back 2608 to buy more, defend 2600, target 2620-2630
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