Gold was blocked from falling near 2693 after opening on Monday (January 13th), and fell to a low of around 2679 in the morning before rebounding. In the afternoon, it was blocked from falling again near 2691. The European market continued to decline, reaching its lowest point near 2664 at the beginning of the US market. After a slight rebound around 2674 in the US market, it continued to break through the low and fell to a low of around 2656 in the early morning. The daily chart closed with a bearish candlestick.

Last week, gold prices showed a strong upward trend, closing positive for four consecutive trading days. However, the situation suddenly changed on Monday this week, and the price did not continue to rise. Instead, it encountered resistance near last week's high point and then fluctuated downwards, ultimately closing with a bearish candlestick. From a daily perspective, the gold price has fallen below the 5-day moving average, and today's opening price is between the 5-day moving average and the 10 day moving average.

In today's trading, it is necessary to closely monitor whether the downward trend of gold prices continues, while being alert to the emergence of a single negative correction market. The support level below first focuses on the vicinity of the 10 day moving average, currently around 2656, which is crucial for the short-term trend of gold prices. Today, we need to focus on the support strength near 2656, followed by the support position at the 2646 line.

Pay attention to yesterday's high point around 2690-92. Whether gold can reach a new high depends on whether it breaks through that position.

Detailed operational strategy for today

Gold:

Rebound 2690, short sell, defend 2698. Target 2675-2660

Step back 2660 to buy more, defend 2652. Target 2675-2690