Gold, short-term high-level fluctuations
After experiencing a big rise and fall in gold last week, gold has gradually stabilized in the past two days, and the general direction is still bullish
Yesterday, gold fell as expected and adjusted in a cross pattern, which was in line with our expectations. The correction after three consecutive rises has always been a cyclical trend. Gold gradually fluctuated downward from the high point, and the lowest point reached 3195 to be supported. The closing price was not at a low level, and the daily cross fell and closed
We often say that in an upward trend, the appearance of a single negative can only be regarded as a correction, not an end to the bull market. If there is a continuous downward trend, it can indicate that the short-term bull market has ended and entered an adjustment cycle. In other words, today’s daily closing is critical. Whether it reaches the top or continues to rise is today!
Today in the Asian session, gold has seen a sharp rise, rising directly from the 3210 line to 3232. Then 3210 becomes the intraday long-short dividing point. Keep bullish above this position. Once the London market falls below this point, it will continue to fall.
Gold has seen some short-term retracement trends. Pay attention to the 3210 to 3232 golden section line retracement to the 0.618 position 3218 line and the 0.5 position 3221 line two support positions to arrange long orders
As the Asian market rises, the London market will continue once, and you can go long on the pullback. If the London market strengthens, the NY market will continue to go long on the retracement
In terms of operation, gold will arrange long orders on the 3218 to 3221 line, stop loss on the 3210 line support, and look for new highs. If it falls below the 3210 line, follow the short position and continue to look at the adjustment trend