Gold rebounds strongly

4 giorni fa

After a wave of rapid decline, the price of gold rebounded from (2583.43) and gradually corrected. The current price is hovering around 0.5 (2654.88), which is usually a key area for rebound or pullback. From the trend point of view, the key resistance above is around 0.618 (2671.74), while the support below may be in the 0.382 (2638.02) area. The price trend in the picture shows that the recent market volatility is mainly constrained by these key technical levels.

From a trend perspective, the past downward trend line has been broken and then entered an upward channel, but after the price touched the upper resistance at the beginning of this week, it began to adjust in the short term. Combined with the expected path of the red arrow in the figure, it can be seen that analysts expect that the price may drop to around 2638 in the short term to find support, and then rebound upward again.

If the price can stabilize around 2638 and effectively break through the 2655-2670 resistance range, a new round of upward trend may begin. On the contrary, if it breaks below 2638, we need to pay attention to the lower support level (2617 and lower). In the short term, the market may be in a volatile adjustment phase, and traders need to pay close attention to the performance of support and resistance and changes in market momentum.

This kind of technical chart analysis is of great reference value to short-term traders. It is recommended to combine fundamental information, such as the trend of the US dollar index and the Federal Reserve's monetary policy, to make a more comprehensive assessment of gold prices.