Gold's Slow Rise Repairs
After experiencing a sharp decline on Monday, the gold market immediately entered a rebound recovery stage. Due to the complexity of the global economy and geopolitics, the trend of gold is affected by a variety of fundamentals.
Judging from the daily chart, gold's upper high has encountered pressure for the second time recently, showing the market's hesitance to move upward. The early five-wave downward trend pattern still exists, indicating that the market may not have completely gotten rid of the downward pressure. Although there has been a rebound in the short term, the overall trend still requires vigilance.
On the hourly line, gold prices formed an upward channel, and the lows rose twice, showing a certain upward momentum. However, it is worth noting that prices show the characteristics of "fast fall and slow rise" during the fluctuation process, which usually means uncertainty in market sentiment. The current resistance level of 2664 above is still significant. Investors need to operate cautiously at this position to avoid being troubled by market fluctuations. The support level of 2625 below provides bulls with a relatively safe entry opportunity.
Overall, gold is in a slow recovery stage in the short term and is suitable for short-term participation strategies.
Bulls can focus on key support levels such as 2633, 2627, and 2624, and enter the market in batches to do long positions, targeting upward resistance levels such as 2645, 2658, and 2664.
On the short side, short sellers can focus on the pressure levels of 2650 and 2664, and enter the market in batches at the right time to go short, with the target going down to 2640 and 2624.
To sum up, gold shows signs of rebounding and repairing technically, but it still faces the pressure of resistance from above. The complexity of fundamental factors makes market sentiment more uncertain, and investors need to remain cautious when operating. In the short term, gold is suitable for adopting short-term trading strategies and focusing on key support and pressure levels in order to seize market fluctuation opportunities.
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