Gold morning technical analysis: 3100 is the short-term watershed
On a daily basis, gold began a downward adjustment mode on Tuesday, breaking the previous continuous upward trend. However, the current moving average system still maintains an upward divergent trend, and today we are paying attention to whether the downward trend in the market is sustainable. Firstly, it is necessary to pay attention to the support role of the short-term moving average MA5 (around 3098, very close to yesterday's low of 3105). If this support level can be held, gold can still be seen as a strong pattern in the short term.
The 4-hour trend has temporarily maintained a high range oscillation repair, and currently the short-term moving average is basically in a bonded flat state. The 1-hour moving average of gold continues to diverge in a bullish direction with a golden cross. With the support of safe haven, the bulls are still relatively strong. As long as it does not break 3100, it will continue to be bullish. Overall, my personal suggestion for short-term gold trading today is to focus on pullbacks, with rebounds as a supplement. For short-term trading above, pay attention to resistance at 3170-3180, while for short-term trading below, focus on support at 3145-3135.
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