Gold Market Analysis:
Yesterday's gold price plunge marked its largest single-day drop in several years. The previous rally was as exhilarating as the current decline. Markets are like this, and after all, there are always surprises. The 4-hour chart formed a large M-shaped pattern at a high level, signaling a short-term top. At least in the short term, gold will struggle to rally again. The market will essentially undergo a correction and adjustment. If the weekly chart fails to close above this level in the next three days, it will likely signal a significant top. The weekly chart has closed positive for nine consecutive weeks, so a negative close this week is unlikely. We are simply followers, following the trend rather than fighting it. Yesterday's market action provided an unforgettable memory for investors who prefer to speculate on the market without risking losses. Today, we need to wait for a rebound to see if there's an opportunity for correction and adjustment.
Yesterday's hourly rebound reached 4150 at the end of trading. It then plunged in the early Asian session before rebounding again, indicating that the hourly level has bottomed out. Today, the price needs to correct within a range. We are currently unsure of the high point of this correction. Opportunities can be found on the 15-minute and 30-minute charts during the Asian session. For hourly trading, focus on the 4150-4080 range. Gold has been experiencing significant volatility recently, and I've repeatedly reminded everyone to take stop-loss orders.
Resistance levels are 4130 and 4150, while support levels are 4080 and 4050. The dividing line between strength and weakness is 4150.
Fundamental Analysis:
Watch the EIA crude oil inventory data today.
Trading Recommendation:
Gold - Sell around 4150, target 4120-4080.
Yesterday's gold price plunge marked its largest single-day drop in several years. The previous rally was as exhilarating as the current decline. Markets are like this, and after all, there are always surprises. The 4-hour chart formed a large M-shaped pattern at a high level, signaling a short-term top. At least in the short term, gold will struggle to rally again. The market will essentially undergo a correction and adjustment. If the weekly chart fails to close above this level in the next three days, it will likely signal a significant top. The weekly chart has closed positive for nine consecutive weeks, so a negative close this week is unlikely. We are simply followers, following the trend rather than fighting it. Yesterday's market action provided an unforgettable memory for investors who prefer to speculate on the market without risking losses. Today, we need to wait for a rebound to see if there's an opportunity for correction and adjustment.
Yesterday's hourly rebound reached 4150 at the end of trading. It then plunged in the early Asian session before rebounding again, indicating that the hourly level has bottomed out. Today, the price needs to correct within a range. We are currently unsure of the high point of this correction. Opportunities can be found on the 15-minute and 30-minute charts during the Asian session. For hourly trading, focus on the 4150-4080 range. Gold has been experiencing significant volatility recently, and I've repeatedly reminded everyone to take stop-loss orders.
Resistance levels are 4130 and 4150, while support levels are 4080 and 4050. The dividing line between strength and weakness is 4150.
Fundamental Analysis:
Watch the EIA crude oil inventory data today.
Trading Recommendation:
Gold - Sell around 4150, target 4120-4080.
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Haftungsausschluss
Die Informationen und Veröffentlichungen sind nicht als Finanz-, Anlage-, Handels- oder andere Arten von Ratschlägen oder Empfehlungen gedacht, die von TradingView bereitgestellt oder gebilligt werden, und stellen diese nicht dar. Lesen Sie mehr in den Nutzungsbedingungen.