Gold falls under pressure
Gold prices fell significantly today after hitting the top resistance area of 2720 recently. This trend shows that the bullish force is gradually weakening at high levels, and the bears are beginning to take the initiative. It further indicates that the market may continue to fall.
In addition, the previous upward trend line remains intact, suggesting that the general trend is still biased upward. However, in the short term, the price has fallen below the local upward channel (secondary trend line) and is testing near the key support level of 2668. If the price continues to fall below this support, it may open up space to further explore 2630 or even 2610.
The volume coordination and fluctuation structure indicate that this wave of decline is likely to be a technical adjustment. We need to pay attention to the performance of prices in the key support area, and at the same time pay attention to whether the rebound strength can form a strong upward momentum again to return to the high point.
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