Gold Is Bearish Around 2640-2645

2024年10月8日

At present, the daily chart of gold shows a continuous cross star K-line pattern, indicating a high-level consolidation trend, and is in a shock correction stage in the short term. Yesterday, the price of gold continued to fluctuate repeatedly in the range of 2670-2623, and the daily line paused for consolidation, indicating that the market has entered a period of adjustment. The strong rebound of the US dollar in the short term has limited the upward momentum of the price of gold, causing gold to fall under pressure. The current trend shows that the rebound is a good opportunity for short selling. The daily K-line ended at a low level with a weak trend, and the market was weak for four consecutive days. From a technical perspective, gold has the conditions for further decline in the short term. In the morning session, we have successfully made a profit of nearly $18 in the short position arranged in the 2647-2650 area.

From the 4-hour chart, the moving average system gradually declined, the rebound was weak, and the high point gradually decreased, indicating that the bulls were insufficient. With the short-term break, the trend further weakened. During the European trading session, gold prices were hindered by the pressure area of 2638-2640. If it falls below 2630, it may further drop to the 2620 or even 2600 mark.

To sum up, the short-term operation strategy for gold should be based on shorting on rebounds and supplemented by long on pullbacks.
The upper short-term focus is on the 2640-2645 resistance range
The lower short-term focus is on the 2600-2605 support range

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2024年10月8日

交易進行

Perfect, today is a fruitful day. Did everyone seize the opportunity?