[Gold Market Analysis] Gold Price Trend Bottom? How Far Can Gold Rebound Go?

The price seems to have formed a double bottom trend, and the defense is more solid. Can gold price rebound smoothly? First of all, the author believes that the decline in gold prices has not ended. At present, the rebound in gold prices has not been confirmed. If the gold price stands on the top 1240 again, then the possibility of the downward trend of gold prices will increase.

Next, I will guide you to analyze it from the technical aspect.

The price seems to have formed a double bottom trend, and the defense is more solid. Can gold price rebound smoothly? First of all, the author believes that the decline in gold prices has not ended. At present, the rebound in gold prices has not been confirmed. If the gold price stands on the top 1240 again, then the possibility of the downward trend of gold prices will increase.

Next, I will guide you to analyze it from the technical aspect.

From the 4 hour chart, gold prices have been on the 10 moving average, forming a double bottom structure at the bottom.

But the gold rally is also limited, and it is easy to find the role of the 89 moving average actors.

At present, the gold 89 mobile average is cut near 1332.

If the gold price is further tested, it will test the top 1335 of the first few trading days, then the key resistance level is 1240 US dollars / ounce.

If the gold price stands on the 89 moving average, then we think that the gold price has been temporarily showing signs of rebound (whether the reversal should be further determined), so it is not suitable to be short again.

On the downside, gold prices were mainly supported by 161.8% Fibonacci extensions formed by three, 1344, 1280 and 1322, and the cut in position was 1218.

If the price of gold goes down again, then the lower target will see the double bottom structure of 1208 and 1206.

If this point is broken, the gold price downward target will point to the 1200 integer level.

Now?

The price is at the stage of correction of the 4 xiaolangs, which now forms a platform adjustment.

If the US GDP data released today is better, the gold price will again test the low of 1206, and may drop sharply to near 1200.

On the contrary, if the GDP data in the two quarter of the United States are not performing well today, gold will have a risk of testing 1240.

If the gold price is tested at 1240, this will be a good time for the empty side to stop the order.

The 5 wave structure is more obvious here. The author also speculated about the possible trend of gold price in the future.

That is, the price of gold will rebound after testing 1200 lows, then will be blocked near 1220 and then go down again.

From the weekly level, the large triangular shock pattern below gold is still moving from the top to the bottom.

Even if the price of gold goes up this week, the next move can not change much with the MACD index.