Gold focuses on the 2730 support level

4 nov

🔶Last week, gold encountered resistance and stagnation in the upward trend, forming an obvious M-head structure. After the price was under pressure in the 2790 resistance zone, it broke through the 2771 support level and quickly fell back, forming a large waterfall-like decline. Subsequently, gold received support in the 2730 area and launched a corrective rebound. After reaching the 2762 line last Friday, it was blocked and fell back again, indicating that the market is still under obvious pressure in the short term. In the current structure, the key resistance level above gradually moves down to the 2790, 2761, and 2750 lines, while the stability of the 2731 support level is concerned. If this support level is effectively broken, gold will have the risk of further falling to the 2710-2715 area.

🔶At present, gold is in a high-level decline trend after price repair. In the short term, gold is gradually testing the stability of the triangle convergence structure. If the price effectively falls below the lower track support of the triangle, it is expected to continue to seek support downward, and the target range is located at the intersection of the lower track of the daily channel and the bottom of the horizontal range, that is, the 2710-2715 area. This area is also the key long-short dividing line of this round of trend, which determines the directional choice of gold's short-term trend.

🔶Daily chart: From the daily line structure, gold is still in the correction stage after the high. The current adjustment is of the nature of falling under pressure from highs, and the price has never been able to break through the upper resistance, showing the gradual strengthening of short-selling power.

🔶4-hour chart: On the 4-hour chart, the gold price is in the end area of ​​the triangle convergence, repeatedly testing the support level of this range. If there is an effective break, it will open up further downward space.

🔶1-hour chart: In the short cycle, gold shows the characteristics of fluctuating downward. The current price is in a horizontal consolidation range, indicating that the long and short forces are temporarily balanced, but the downward pressure still exists.

🔥Given the significant pressure in the current trend and the increased downside risk, the short-term strategy is mainly to sell short on the rebound. In intraday operations, it is recommended to focus on the performance of the 2731 support level below, observe the stop loss at this position and the changes in market sentiment. If there is an effective break, the lower side will further look to the 2710-2715 area.

4 nov

Trade attivo

Gold continues to fall in the weak correction, and the support level below 2730 has become the key support area for the current adjustment. The short-term market shows that gold is at the end of a narrow convergence. The second test above the 2745 area failed to break through, and then fell back, indicating that the pressure at this position is relatively strong.

At present, the short-term thinking recommends that when gold rises to the 2745-2748 area, the short-term layout should be mainly based on the pressure-falling short position layout. The downside target focuses on the performance of the 2730-2720 support area. If it effectively falls below, it will open up further downside space.

4 nov

Trade attivo

🔶Gold is currently continuing its narrow convergence trend. The price has tried to break through the 2735 line below many times but failed. At the same time, it is suppressed by the 2745 line resistance above, showing obvious range fluctuation characteristics. At present, the gold price is in a state of neither going up nor down, and the fluctuation range is limited, indicating that the market has entered a convergence stage with strong wait-and-see sentiment.

🔶In this range-converging market, short-term operations are mainly high-selling and low-buying, and flexibly grasp the rebound and callback opportunities in the 2735-2745 range. Because it is at the end of convergence and the short-term breakthrough momentum is insufficient, the current strategy needs to avoid chasing orders, control positions and stop-profit, be cautious in dealing with sudden market conditions, and reasonably grasp the profit space.