Technical analysis of gold: Gold saw another wash yesterday, with a pullback to 2906 in the evening and then to 2940 in the second half of the night, with the daily line closing positive. The normal trend is still bullish today. On the daily level, gold fell on Monday and broke the shock range at the end of last week, showing a more obvious downward trend. However, the market trend is changing. On Tuesday and Wednesday, it directly reversed strongly, closing positive for two consecutive days and successfully breaking through last week’s high. This erratic market undoubtedly brings great challenges to operations. At present, the gold price is firmly above the moving average, showing a certain bullish advantage. Today, the primary concern is the continuity of gold’s rise. In terms of support below, first pay attention to the vicinity of 2930, which is the high point touched many times last week. According to the top and bottom conversion theory in technical analysis, if effective support can be obtained here, it will further consolidate the bullish pattern.
Today’s gold short-term operation ideas suggest that callbacks should be the main focus, and rebound shorts should be supplemented. The upper short-term focus is on the 2956-2960 first-line resistance, and the lower short-term focus is on the 2926-2930 first-line support.
Short position strategy:
Strategy 1: Short 20% of the gold position in batches when it rebounds to around 2956-2960, stop loss 8 points, target around 2945-2935, and look at the 2930 line if it breaks;
Long position strategy:
Strategy 2: Long 20% of the gold position in batches when it pulls back to around 2928-2930, stop loss 8 points, target around 2945-2955, and look at the 2965 line if it breaks;