Gold market analysis referenceThe recent gold fluctuations are really violent and fast. If you hesitate for a moment, you will basically miss the market. If you are too impatient, you will easily hit the stop loss. Now the fluctuations in a few hours are equivalent to the fluctuations in the past month. The stop loss of 3-5 US dollars can be easily swept. The market is changing, and the corresponding stop loss should also be enlarged.
Gold opened higher and hit 3336 in the morning on Monday, continuing the decline of last week. The idea in the morning was to be bearish directly at the analysis point of 3332. After hitting the lowest point of 3268, it fluctuated upward. The European session also fell to 3273 and then rebounded. The highest point in the US session just reached 3336 again, a standard bottoming and rebounding trend. Since it is an adjustment structure, let's re-analyze the idea. The gold price fell at 3500 and rebounded at 3260 last Wednesday. The rhythm was volatile. It rebounded above 3260 many times below, and did not cross the first rebound high of 3367 above. From a technical point of view, the gold price needs to effectively fall below the 3265-3260 US dollar range in the short term before it can confirm a larger correction downward. Once it is confirmed to fall below, the gold price may quickly fall to the 50% retracement level near 3225 US dollars, further pointing to the 3200 US dollar mark. If it loses 3200 US dollars, it will suggest that gold may have peaked in the short term.
For the current gold, the 4-hour chart is stuck in a wide range of oscillations between 3260-3338, and is currently at the edge of the lower track. Gold has formed a multi-round back-test support area at the 3270 price level. Although the price has touched this level several times, it has not effectively broken down. The bulls have launched a phased counter-attack. In terms of technical form, the double pressure characteristics have appeared near the previous rebound high of 3370. This area has the dual attributes of the second wave rebound target and the right shoulder pressure level of the head and shoulders top pattern. Today, we mainly focus on the closing price. If it stands firmly at the 3336 line, then we will adjust our thinking tomorrow. On the contrary, it encounters resistance at the high point of today's morning session at 3336 and then falls back, and goes to the 3278 line. Tomorrow we will continue to look at the idea of swinging and falling. On the whole, today's short-term operation strategy for gold is recommended to be mainly short-selling on rebounds, supplemented by long-selling on pullbacks. The short-term focus on the upper side is the 3338-3340 line of resistance, and the short-term focus on the lower side is the 3265-3260 line of support.
Strategy 1: When gold rebounds to around 3338-3340, short sell (buy short) in batches, 20% of the position, stop loss 6 points, target around 3300-3280, break to 3270
Strategy 2: When gold falls back to around 3265-3270, buy (buy up) 20% of the position in batches, stop loss 6 points, target around 3300-3320, break the position and look at 3330
