Gold rebound is an opportunity for short selling
The gold market has been experiencing ups and downs recently, with consecutive sharp declines on Tuesday and Wednesday followed by a strong closing on Wednesday. It is worth noting that the low points on Wednesday and Thursday happened to be near the 10 day moving average. From this, it can be seen that the effectiveness of the 10 day moving average support has become a key focus of today's market, with the current 10 day moving average around 3310. Yesterday during the US trading session. The low point of the gold price drop in the 3307/3306 area is also close to the current 10 day moving average. Therefore, if the gold price can hold the key support range of 3310-3306 today, it is likely to maintain a high volatility pattern. Once this support level is breached, we need to be alert to the risk of the market continuing to decline.
Pay attention to the key points of 3380 and 3408/3409 above the resistance level. These two positions correspond to the golden ratio of 0.5 and 0.618, where gold falls from 3500 to 3260.
As for the underlying support, first focus on yesterday's low point of 3307/3306 in the US market, followed by Wednesday's low of 3260. These two key price points will become important defense lines in the downward trend of gold prices. It has important reference significance for judging market trends.
Detailed operational strategy for today
Gold retracement 3310 long, defense 3300. Target 3330-3360
Gold rebound 3380 short, defend 3390. Target 3360-3340
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