Hopefully this analysis and advice will help you make moneyHello, friends
From the daily chart, after the US market experienced a wash-out trend on Friday, the direction and space of gold have been opened, showing an obvious weak and volatile trend. A triple top was formed near 2360. Multiple pressures from above may suppress gold bulls again. At present, there is a great possibility of a sharp decline. The support below will first focus on the competition near the daily low of 2320. If it breaks effectively, it may fall again to the previous low of 2309 or even the 2300 mark. The daily level this week belongs to the consolidation and correction after the decline. The weak rebound in the first two trading days did not have much room. The price encountered resistance at 2360, and the rebound above the middle track was difficult to continue. In the second half of the week, the market fluctuated and fell, and the pressure of the middle track was obvious. The low point gradually broke down to 2325-2320. MACD formed a dead cross, and the green column continued to increase in volume. Next week, we will continue to maintain the idea of shorting at a high level.
From the 4-hour chart, after hitting 2360, the gold price has fallen back to 2330 for consolidation. Although the price is still running above the lower track of the Bollinger Band, the 5-day moving average and the 10-day moving average, as well as the middle track of the Bollinger Band, have turned downward, which undoubtedly suppressed the upward momentum of the bulls. In addition, the MACD indicator maintains a dead cross, the green column potential begins to increase, and the KDJ dead cross runs downward. The overall 4-hour level should be dominated by shorts.
Overall, gold is about to break the box and oscillate, and start a large unilateral downward trend. Although the oscillation is uncomfortable, it is about to end and usher in a trend market. I suggest relying on the suppressive effect of the 4-hour mid-range track on gold prices to go short, and it is expected to rebound to around 2340 to go short. This wave of rebound is difficult to touch the daily mid-track. Once it does, it will plummet in a straight line, which is very stressful. Even the 2340 support level, which is difficult to fall below during the day, has been broken, and now it has become a good position to stop short sellers. At present, the 50-day moving average continues to move downward, and at the same time presents an obvious double top pattern. The high-altitude strategy is still the first choice. The daily level is still on the edge of the cliff. Be prepared to welcome new support at the 2300 level next week.
Happy trade