Analysis of gold market trends:
Yesterday, after the gold market opened, the bulls and bears were caught in a fierce tug-of-war, and the market trend was stalemate. Until the US trading period, the shock pattern was broken, and the gold price ushered in a downward trend. Finally, the daily line closed with a medium-yin line, and the price closed below 2895. Looking back at last week, the gold trend showed three consecutive cross lines, and it tried to rush to the 2930 area many times during the period, but it never succeeded in breaking through. Yesterday, the gold price effectively broke through the 2890-2895 area, and the short-selling force was demonstrated, ushering in a phased advantage.
In the morning trading today, the gold price refreshed yesterday’s low to 2880 and then rebounded rapidly. It is worth noting that the 2880 area is just near the midpoint of the price range of 2832-2930. Although the gold price pierced yesterday’s low, it did not continue to fall, which shows that the short-term decline process has been hindered, and the bulls are still stubbornly resisting, and there is even the possibility of returning to the bull trend and testing yesterday and last week’s highs. In view of this, today’s operation needs to be highly cautious, beware of the sudden force of the bulls, and the situation of the big Yang line reversed yesterday’s big Yin line. After all, in the current volatile market, the frequent exchange of Yin and Yang K lines is a common phenomenon. At present, the gold price has re-entered the 2890-2895 area, and the bulls are temporarily in the upper hand. Intraday trading, the 2880-2885 area can be regarded as a key watershed, and the operation strategy is mainly to buy on dips. If this area is effectively broken, the thinking should be changed, and a rebound shorting strategy should be adopted, and the target price can gradually look to the 2865-2850-2835 area.