Gold short-term trading direction today

Gold fell below the MA10-day moving average at 2923 for the first time since January 6. The gold price in the NY market plunged sharply, hitting a low of 2988 and closing with a big negative on the daily line. Currently, the gold price is running below the MA10/7-day moving average at 2923/2930. Although the price broke through the 10-day moving average for the first time, the daily line has not yet formed a dead cross. It is necessary to pay attention to the repeated shocks and consolidation of the price at a high level!

The daily RSI indicator turned downward after the top divergence, and the price fell back to the middle track of the Bollinger band at 2888. The short-term four-hour chart MA10/7-day moving average formed a dead cross at 2937 and opened downward. The RSI indicator returned to the bottom of the central axis, and the price was running in the middle and lower tracks of the Bollinger band, and the Bollinger band opened downward. The main idea of ​​gold is still to sell at a rebound high, supplemented by buying at a low price.

From the current market perspective, gold prices are still consolidating at high levels within the range, and the relative strength index (RSI) on the daily chart remains above 70, suggesting that the market may be slightly overbought. This may make market participants cautious about long bets on gold in the short term, further continuing the current range-bound trend.

Gold has been consolidating strongly at high levels for two weeks, and the original operating range was between 2860 and 2940. Although the MACD is about to form a dead cross trend at a high level, this is not enough to clearly indicate that it will peak in the short term, because the first condition is to break the 10-day moving average, and the second is to lose 2860 before it can officially peak and end this round of strong unilateral pull-up. Pay attention to the 2900-2903 area for support below. If it stabilizes here, it will continue to look up to 2925 or continue higher. Secondly, focus on the vicinity of 2888 and continue to buy and participate.

Key points:
First support: 2912, second support: 2903, third support: 2891

First resistance: 2930, second resistance: 2943, third resistance: 2950

Operation ideas:
Buy: 2900-2903, stop: 2892, target: 2920-2930;

Sell: 2937-2940, stop: 2948, target: 2920-2910;