Gold continues to fall after rebound correction

Gold's daily line rebounded after a continuous decline. It ended with a long lower shadow hammer yesterday, indicating that the downward momentum has been suspended and the rebound correction is reasonable. It closed at a neutral position, and the overall trend was still bearish. The rebound was weak, indicating that the bears have not yet reversed, and it is expected that there is still room for decline after the rebound correction. Today, it is recommended to continue to short in the rebound, and pay attention to the short-term opportunities at the current price of 2570-2565 in the morning.

This week, the decline of gold has reached 150 US dollars. Although there was a rebound yesterday, the five consecutive negative lines on the daily line showed that the bears still dominated, the lower track of the Bollinger band has been opened, and the MA5/MA10 moving averages have crossed downward; the weekly line shows that the evening star has reached the top, and the expectation of closing negative is clear. The short-term idea is still maintained. After the second wave of the 4-hour chart fell from 2710, although there was a double-positive rebound yesterday, the space is still not enough to reverse, and it is necessary to wait for further confirmation of the trend next week. The 1-hour moving average shows a short position arrangement, and the current resistance level has moved down to around 2580. It is recommended to enter short orders when the rebound reaches this area under pressure in the short term.

The current operation strategy focuses on the rebound strength. If it does not constitute an effective reversal, it will provide opportunities for continued short selling. The short target focuses on the 2530-2500 line.