🔥GOLD CONTINUES TO BE BEARISH TODAY✅
Yesterday, spot gold showed a trend of low-probing and rebounding. The daily structure closed with a small positive line, which temporarily failed to change the short-term bearish trend. At present, the 5-day moving average has moved down to around 2349. Although the Bollinger Bands are intended to shrink as a whole, the middle track extends upward to around 2351. Other periodic indicators still maintain a short-term arrangement, which is theoretically conducive to short-term pull-ups by bulls. However, it should be noted that the current MACD indicator is still dead cross, the green column kinetic energy continues to increase, and the KDJ indicator dead cross intends to go down, which may give the bears sufficient downward momentum. Therefore, while being overall bearish on the daily line, it is also necessary to beware of another downward trend after the bulls rebound and correct.
On the 4-hour chart, after yesterday's rebound, the current price has returned to run below the moving average, the moving average is still under pressure, and the Bollinger Bands are closing. Yesterday, the 5-day moving average also provided a certain rebound support for gold, but today it has become an upper pressure. Therefore, it is foreseen that the rebound strength of gold today will not be too strong, but it is still necessary to pay attention to the pressure near 2358. The current MACD indicator is golden cross, the red column kinetic energy begins to shrink, and the KDJ indicator is dead cross. At present, gold is in a volatile downward trend in the short term. On the hourly line, gold continues to show top signals, with continuous large negative lines going down. When rebounding, it is mostly small positive lines, but the large negative line directly covers the downward trend. This is a typical top signal, and the K line exerts force from above the moving average, breaking through the moving average in one step, and directly returning to yesterday's origin, continuing to be bearish to around 2325.
Overall, today's short-term operation of gold is mainly short-selling after rebound, supplemented by long-selling after correction. The short-term focus on the upper side is the 2356-2358 resistance range, and the short-term focus on the lower side is the 2330-2326 support range.