6.17 Gold Trend after the Big Drop

6.17 Gold Trend after the Big Drop

Yesterday, gold continued to fall after rising, and the bulls lacked effective momentum to fight back. During the US trading session, the geopolitical risk aversion sentiment temporarily eased and accelerated the break, making it more difficult to rise in the short term.

In addition to the current decline in oil prices and gold prices, the conflict between Iran and Israel may end with one side kneeling down and surrendering. If this happens, the current gold price will continue to fall.

The current technical side shows that the hourly moving average tends to flatten, and yesterday's low of 3383 has become a key support level. The opening rebound touched the 3403 line and then fell under pressure again, proving that this area is a range of fluctuations between long and short watersheds.

If it cannot stand above 3400 before the opening of the US market, the bears will rely on the moving average to launch a new round of offensives, with the lower targets of 3375 and 3360.

If there is no good news at present, it is recommended to rebound high short strategy.

Thank you for your attention, I hope my analysis can help you.