Gold double tops fall back
Updated
The recent gold market trend has shown obvious weakness, and the overall bullish structure has been broken. From the price trend, gold formed a double top structure near 2720, encountered pressure reversal, and further fell to the adjustment range, indicating that bearish sentiment dominated the market.
In the short term, market sentiment is bearish, and it is recommended to focus on high-altitude strategies in operation, and consider entering the market after the price rebounds to an important resistance level. According to the current price trend, the lower support range is 2620-2625. If the price further falls to this area, you can pay attention to whether there is a rebound signal. The upper resistance range is 2668-2674. If the price rebounds to this position, you need to be alert to the possibility of falling under pressure.
On the whole, the gold price may fluctuate and consolidate in the 2620-2674 range in the short term, and short-term operations should focus on the support and resistance of this range. Only when the price breaks through this range can a greater trend change be ushered in. Therefore, the current market operation strategy should be flexibly responded to, focusing on high altitude, and reasonably arranged with short-term support and resistance levels.
If the analysis helps you in your trading, please like and leave a message.
Trade active
Gold continues to fall in the short term. Where do you think it will go?Note
Can it be stopped again at 2650?Note
This will hit our TP againNote
1 2650Note
2 2645Note
3 2630
Related publications
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.