Gold adjusted and broke down
Updated
Gold was in the stage of consolidation and repair last week. After the market surged to 2720, it stagnated and formed a secondary high on the daily line. Subsequently, the price fell back to 2605 and then paused to warm up, forming an upward channel in the short term and slowly rising.
At present, in the Asian session, gold opened high and fell low, and the price fell to 2655 and continued to weaken, breaking the upward channel. The current price is running in a narrow range at 2625. From the daily line, gold has ended its upward trend and turned to form a trend reversal pattern. The upper high point and the secondary high point are under pressure at 2780 and 2720.
On the hourly line, the triangle converged and broke down and the suppression of the short-term upward channel effectively suppressed the price. Overall, the gold trend is in the stage of long and short conversion, and the short-term trend is short. In terms of operation ideas, it is recommended to focus on high and short, supplemented by low and long.
It is recommended to short in the rebound pressure area of 2635-2641, and the target is to look at 2620, 2605 and 2586.
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