9.25 Gold trend analysis this week (1/2)
This week's decline briefly stabilized after hitting 1913. The market price competed around this point many times, switching back and forth between support and resistance.
Therefore, whether the current support can be broken down is very important for the continuation of the subsequent market. However, judging from the current decline, the strength of the short side is very strong.
If there are no unexpected circumstances, the bears may break the bulls' last line of defense this week.
The current three-track Bollinger Bands on the gold daily line are flat, representing price fluctuations.
The short-term moving average wrapping around the middle rail also means that the price is oscillating near the middle rail. The upper and lower rails of the day's large range are 1905-1946, and the short-term price is suppressed near the moving average MA60, which corresponds to the 1930 line.
Gold's current daily indicator macd gold cross is shrinking and oscillating at the zero axis, and the smart indicator sto is quickly repairing downwards, which means that there is still a need for a retracement on the daily line. Just pay attention to the break of 1930-1931 during the day.
If it breaks above 1939-1943, it will be the second resistance point. The current focus is on the suppression 1928-1929 line near the middle track. The second is the 1938-1942 line above, but the upper rail will move downwards as time goes by.
Judging from the closing pattern, the gold price also closed the upper shadow single-yang K-line at the closing stage, so the gold price still needs to look downward for a wave of decline when opening. Observed from the moving average, the three lines cross, and the gold price overall stops at the 20-day moving average. The position is in the 1925 interval. Observed from the Bollinger Bands, the three lines show signs of flattening. The price pauses as a whole below the middle rail of the Bollinger Bands 1925. Therefore, gold is still biased toward a short position. If the gold price continues to be short, then there is a high probability that it will need to The lower Bollinger Bands are showing a big rebound near 1905. From the technical indicators, MACD is running above the zero axis as a whole, and the KDJ three lines show signs of turning downward. Therefore, from the daily line, the general direction of gold price is still Long is bullish, short bias is short. (Reposted from Snowball)