Spot gold squats down and then stands up today

10 Mei 2023

For today's gold, beware of dropping down and confirming the support again before the start of a strong climb, so in terms of thinking, choose to go empty first and then buy more, and then look at the rise.
The specific reasons are as follows:

1. The previous Monday and Tuesday were corrections to the sharp drop in non-farm payrolls last Friday.

After the release of non-agricultural data last Friday, the short-term price fell by nearly 40 US dollars. The price hit the purple trend line of the hourly chart at the 2000 mark, stopped falling and began to enter a shock rebound correction.

The price climbed up in early trading today to find the range of 2038, basically how much it fell, and how much it rose again, the resistance dividing line ranged from 2038-2040 area

2. The shape is narrowed and the motivation is insufficient. Step back on the purple trend line and confirm the support and continue to climb.
The four-hour pattern shows a narrowing situation. From the previous closing and flattening to the current continuous narrowing, the spatial scope focuses on 2044-2008, and the subsequent opening of the pattern will guide a wave of new directions.
Although the price has regained its lifeline in the short term, it lacks momentum for sprinting. As much as it rises, it steps back, and then continues to climb. In the case of insufficient motivation, you need to squat down in the end to gain strength and then jump up.

The point of support for the drop is to pay attention to the position of the purple trend line on the hourly chart, which has now moved up to the 2011 area. Pay attention to the support of this area, so as to see the switch of the market space.

3. The time loop, the final start and acceleration time point is still in the range of 21:00-22:00, and the acceleration action is formed after the support is confirmed.

Based on the above three reasons, for today’s gold, we still need to pay attention to the start and acceleration after the U.S. market in terms of time, and we need to pay attention to the resistance of the non-agricultural ups and downs range of 2038-2040 in terms of space, which cannot be broken through here. , It will still be under pressure and step back. This time, the step back will focus on the support of the purple trend line 2011 area, and see the price climb after stepping back here to confirm the support again.
Refer to this idea to give a short-selling plan for 2036-2037, and a long-selling plan supported by the 2011 region. The first step of the short-selling arrangement will be implemented first, and the long-selling plan will be reminded in real time.

Gold 2036-2037 short, stop loss 2043, target 2026-2024

10 Mei 2023

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