Yesterday Monday, in yesterday's article, I reminded everyone that a large wave of volatility in gold may be coming, and the trend of gold has changed, which may face bearish pressure.

As expected, gold was eventually suppressed during yesterday's US trading session, with the lowest point reaching around 2596 in the early morning of the night.

At present, there has been a pullback, and as of now, gold has remained around 2610 for consolidation.

From the current daily chart:

It can be observed that the current moving average suppression point above the daily line is around 2615. As long as it does not stabilize above 2615 today, there is a high probability that the downward trend will continue today.

And currently, the lower moving average is supported around 2580, which happens to be near the previous low point.

And 2580 happens to be at the MA120 moving average, so as long as gold stays below 2615, the probability of rectifying the downward trend and testing 2580 is very high.

Secondly, from the hourly chart:

You can see the trend from 2640 to 2596, with Fibonacci position 382 around 2612.

According to Dow's theory, as long as the draw cannot reach position 382, the low point of 2595 will still be refreshed today.

In addition, I also drew 123 in the picture. If we go down again, the position near 2595 is 382, and the position at 618 happens to be near the front low 2580.

So, in today's operation, I think the 2610-15 range can be used for short selling, and the next target should be around 2580.

Disclaimer: The above content is only a personal sharing of ideas and viewpoints. The market trends and price points do not necessarily have to be based on my subjective deduction. I may be wrong, but the cost of my mistake is only a one-time stop loss cost for me, not the cost of investing all my funds; Given that everyone has different risk tolerance and execution abilities, the above text cannot and is not intended to be used as anyone's operational guidance. Please maintain independent thinking, and traders are responsible for their own profits and losses.