There was no trading yesterday for Christmas. Last Friday, gold ascended slightly in the Asian session. With the support from data, gold once reached $2070 during the European session. Then, it declined in the U.S. session to $2050, showing an inverted 'V' shape movement, closing the daily chart with a long bearish inverted hammer candlestick. Without considering the holiday effect, there was a bearish divergence in the pattern. Technically, it should reach a phase top. However, the general trend is still upward, and investors should catch the opportunity in the near term. Due to the holiday effect, gold bulls may pull up the price, and it will be a chance to short. If investors want to go long, try not to chase the upside but wait until gold prices fall from highs.
At present, gold is dominated by bulls. If they increase their positions, gold prices will go up, and if they decrease positions, gold will retrace. In the 1H chart, as the MACD death cross expands slightly, a retracement will appear soon. Moreover, there is a bearish divergence in the 4H chart and the daily chart. Today, investors should focus on the range from $2050 to $2075 where they can buy low and sell high.
At present, gold is dominated by bulls. If they increase their positions, gold prices will go up, and if they decrease positions, gold will retrace. In the 1H chart, as the MACD death cross expands slightly, a retracement will appear soon. Moreover, there is a bearish divergence in the 4H chart and the daily chart. Today, investors should focus on the range from $2050 to $2075 where they can buy low and sell high.
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