Judging from the daily chart of gold, the price fell to around 2291 at the beginning of last week and then rebounded, but fell back to a maximum of around 2352 on Friday. This week continued last Friday's weakness, with a sharp drop of $50 on Tuesday, directly breaking the support near 2291 last week, setting a low since April 5. The daily level of gold showed an obvious bearish signal. The two large negative lines dropped directly by one step, and the entity covered the previous positive line, returning directly to below 2300. The moving average also curves downward obviously, suppressing the K line below, forming an obvious bearish trend. Moreover, the K-line closed out the saturated negative line and directly fell below the three key support positions of 2324, 2312 and 2292, and finally fell to around 2281, refreshing last week's low. In the past few days, we have been emphasizing that the adjustment has not yet been completed, and the downside risks have increased. In the end, the market price fell as we expected.
Gold's 4-hour moving average crosses downward, forming a short position. The double top continues to suppress the rise of gold. Gold has now fallen below the last new low of $2,292, and the $2,300 mark has become a resistance level. Today’s rally will provide bears with an entry opportunity. The dividing line between intraday strength and weakness is around 2293, and short sellers may further accelerate their decline below this level. If this is the case, then 2250 or 2230 will be the next target. Once the price breaks through 2293 upwards, the rebound is bound to continue further. Therefore, we have the option to go short below this area.
On the whole, today's short-term gold operation advice is to mainly go short on rebounds, supplemented by longs on callbacks. The top short-term focus is on the 2293-2295 resistance range, and the bottom short-term focus is on the 2260-2265 support range.
