Gold will bottom out and rebound!

🔸Daily level: Gold prices continued to close the positive line at the beginning of the week, but fell back under pressure near 2726.50 yesterday. The daily line closed the negative line, giving up the previous gains, showing that the strong continuity is insufficient. At present, the daily K-line closed near the low point of the previous day, showing a typical high-exploration and fall-back pattern. Affected by the strengthening of the US dollar, the upward momentum of gold is slightly weak.

🔸4-hour level: The previous strong structure of consecutive positive lines has been broken, and the gold price fell below the middle track of the Bollinger band and closed below it, showing that the trend has turned from strong to weak, showing a wide range of fluctuations. In the short term, the gold price tends to test support at the lower track of the Bollinger band or the trend line.

🔸Hourly level: Gold prices fell sharply yesterday, breaking through the original rising channel, but stopped falling at the 2675 line in the morning and rose. Although there are obvious signs of short-term breakouts, the daily level still maintains an upward trend. After a short-term correction to the moving average support area, it is still expected to continue the bullish trend.

🔸Trading strategy:
🔰Support level: Pay attention to the 2670-2675 area. If it falls back to this area, you can arrange long orders.
🔰Resistance level: Pay attention to the 2705-2710 area above. The short-term target is in this range.