Gold fell from a high level. Are bulls ready to leave?

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The gold market is currently in an upward channel. The price has fluctuated recently, but it is still within the upward trend range. During this period, the price has resumed rising after multiple corrections, forming a fluctuation pattern of multiple highs and lows.

Current trend: The gold price has now pulled back to the upper track of the channel. There may be some fluctuations in the short term. If the price fails to break through the upper track of the channel, it may fall back and test the support level below.

The two important support levels below are near 2884. and 2900. These support levels are crucial for further price increases. If the gold price falls below these support levels, it may fall further.
The gold price is currently close to the upper track. If it breaks through this level, it may continue to rise to a higher target range.
Market sentiment: From the perspective of price correction patterns, the gold market still shows a certain upward momentum, and the overall market sentiment is bullish, but it is necessary to pay attention to whether the price can be maintained in the upward channel. If the market has a sharp correction, it may bring short-term selling pressure.

Short-term trend forecast:
If the gold price breaks through the 2917.02 level, it may continue to rise and test the target price of 2930.00 or even higher.
If the price fails to break through the current high and falls back to the support range, 2884.12 and 2900.56 will become key support levels, and the gold price may find buying support again.
Overall, the gold market may continue to fluctuate and consolidate in the short term. Investors need to pay close attention to the changes in the support and resistance ranges and the signals of breaking through these levels.

Operational suggestions: Gold has fallen sharply from the high point of the Asian session, and the market has fallen slowly. If you participate in the short position at this time, there is a risk of a trend correction rebound. Try to wait for the long position to be deployed in batches near the lower support level.
Gold can be initially bought near the 2905-2896 support level, and the long position can reserve some positions near 2884-2880, with the upward target of 2930, 2950 and above.
For short-term bears, it is recommended to short below the 2920-2930 pressure level, with a stop loss of 8-12 points, and exit when it reaches the 2900-2890 downward area.

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Transaction en cours

Gold hourly line European session pattern, continuous Yin and single Yang, and broke 2906. The probability of further downward break in the evening increases. Don't blindly do more in the short term.
Pay attention to 2896-2897 in the evening support, followed by 2887-2886 top and bottom conversion position, which is also a retracement of 618, and touch the position to participate in short-term long.
Pay attention to 2908-2910 in resistance, and pay attention to 2919-2920.
Therefore, the overall evening is maintained below 2924 to look down, with a target of 2896-2895, followed by 2887-2884.

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Trade fermée: cible de profit atteinte

Gold fell rapidly, and the short-term price ushered in a waterfall. The price directly hit the 2884 line, which is also a key long-short conversion node. It has been emphasized in the previous analysis that although this wave of decline came a little late, it was fortunate that it was successfully seized.
In the subsequent US trading stage, if it continues to fall after adjustment, it is expected to test the 2870-2850 area below. In the short term, pay attention to the adjustment of 2880-2884 below. If this position stabilizes, a long strategy can be considered.