This week, the price range of gold was $200. It finally closed as a positive candlestick with an upper shadow, and the length of the shadow was comparable to that of the real body. This indicates that the bulls and bears were evenly matched. Overall, it showed a pattern of wide-range oscillation. In the short term, it maintained an oscillation at a high level, adopting a corrective method of exchanging time for space, which is favorable for the bulls. The fundamental factors supporting the bulls have not changed at present, so it can’t be said that there is a trend reversal. Since it has risen a lot, it just needs a new round of accumulation of upward momentum, and there will be an oscillating process. This is in terms of the long-term cycle. There will be news over the weekend, which is bound to impact the market next week. The price of gold will temporarily continue to fluctuate violently, and it is expected that this will be the norm throughout May. As time goes by, the 10-week moving average (MA10) will gradually move upward, and this position should be closely watched in the later stage. In the past, the biggest pullbacks all relied on this support to move upward, and whenever there is a significant downward adjustment, it is an opportunity to go long.
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