🔥GOLD STARTS CORRECTION
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Gold followed the pattern of big opening and closing after the U.S. market on Wednesday. After the CIP data was released, gold fell rapidly, hitting the 2319 line as low as possible. Then the market began to shift from extremely strong to weak.
Judging from the trend of the 4-hour chart, this wave of adjustment of various indicators has just begun, so there is a high probability that yesterday's pullback has not been in place. If today's news is confirmed to be negative, the decline in segment C will begin. In terms of indicators, from the perspective of macd, the kinetic energy column at the daily level has begun to shrink, and the fast and slow lines are preparing to form a dead cross, while the 1-hour chart shows that it is already below the 0 axis, and is expected to form a further dead cross. Once the current gold breaks a new low, it will test the support of the 2300 integer mark in the future, and even a deep drop to 2270 is possible.
The price of gold is currently showing a volatile downward trend. With the formation of the dead cross of the moving average, the momentum of the bulls has been significantly weakened. The target of the shorts today will be below 2319. The only thing to pay attention to is the support of the 2320 area below. If the price can successfully break through this level, the short sellers will accelerate their downward trend!
On the whole, today's short-term operation of gold recommends mainly shorting on rebounds, supplemented by longs on callbacks. The top short-term focus will be on the 2342-2346 resistance range, and the bottom short-term focus will be on the 2300-2305 support range.
Judging from the trend of the 4-hour chart, this wave of adjustment of various indicators has just begun, so there is a high probability that yesterday's pullback has not been in place. If today's news is confirmed to be negative, the decline in segment C will begin. In terms of indicators, from the perspective of macd, the kinetic energy column at the daily level has begun to shrink, and the fast and slow lines are preparing to form a dead cross, while the 1-hour chart shows that it is already below the 0 axis, and is expected to form a further dead cross. Once the current gold breaks a new low, it will test the support of the 2300 integer mark in the future, and even a deep drop to 2270 is possible.
The price of gold is currently showing a volatile downward trend. With the formation of the dead cross of the moving average, the momentum of the bulls has been significantly weakened. The target of the shorts today will be below 2319. The only thing to pay attention to is the support of the 2320 area below. If the price can successfully break through this level, the short sellers will accelerate their downward trend!
On the whole, today's short-term operation of gold recommends mainly shorting on rebounds, supplemented by longs on callbacks. The top short-term focus will be on the 2342-2346 resistance range, and the bottom short-term focus will be on the 2300-2305 support range.
Nota
In early trading on Thursday (April 11), spot gold fluctuated within a narrow range and is currently trading around $2,330 per ounce. The price of gold fell from a record high on Wednesday, falling below the 2320 mark to US$2319.30 per ounce during the session and closing at US$2333.39 per ounce. As previously stronger-than-expected inflation data weakened expectations of an early U.S. interest rate cut, the dollar and government bond yields strengthened. In addition, The minutes of the Federal Reserve meeting showed that high interest rates may need to be maintained for a longer period of time, which also put pressure on gold prices, but concerns about the geopolitical situation in the Middle East still provided some support to gold prices. Amid persistent inflation, investors are rethinking the Federal Reserve's monetary policy, and they now expect two rate cuts in 2024. After the release of U.S. CPI data, U.S. Treasury bond yields rose, and the U.S. dollar also climbed. U.S. real yields exceeded the 2% threshold, which hit the trend of gold. U.S. CPI data was higher than expected, which led to market expectations that the Federal Reserve would delay and scale back interest rate cuts, causing gold prices to fall.Nota
I told you in today's morning trading analysis that as long as the resistance level near 2346 above is not effectively broken, we can sell short orders at this high levelNota
At present, the price of gold has effectively broken through the resistance level of 2346 and will continue to rise. It is expected that there will be resistance above 2355-2359. Investors holding long orders please pay attentionTrade attivo
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