Spot gold: When will the volatility end?
Since the rapid decline of gold to $2583 on December 18th, it has been oscillating back and forth, neither falling nor rising. Several rebounds have failed around $2640, and the decline has not continued. Before New Year's Day, it stopped when it fell below $2600.
What's the next direction? Whether to continue to remain firmly bullish or stand on the bearish side, a few back and forth moves have left traders confused. Upon closer inspection, this is a volatile wash, with a small range of fluctuations around 2640-2600 and no news of fundamental stimulation. We are waiting for Trump to report to work at the White House on January 20th.
I have been staring at the market for a long time, and it is indeed difficult to predict the market trend in recent days. Overly bullish or bearish market fluctuations in the range are not enough. This morning, it quickly pulled up to 2632, approaching the high point of 2640 earlier. Can it continue to fall from the top and bottom positions of 2627 here? I am skeptical about this. Today, I am focusing on the pressure at two positions, one near 2640 and the other at 2650. Once it falls below 2620, the morning rise will be shaken again.
So, today's top priority is to support at the top bottom transition position of 2628-26, and defend at 2618. If you break through the morning low, you will return to oscillation. Focus on the breakthrough of 2638-40, remember one thing: if you miss 2620, rebound and then see a pullback. It is recommended to watch more and move less in a volatile market.
Tips：This page came from Internet, which is not standing for FXCUE opinions of this website.
Statement：Contact us if the content violates the law or your rights