9.26 Gold price rises and falls without continuation, gold trend analysis (1/2)
Gold technical analysis
Yesterday, gold shorts continued to fall. After a brief rebound during the European trading session, it once again entered a small range and fluctuated. In the evening, the US trading session broke down. Judging from the trend, the downward trend is still continuing, and the rebound of the bulls is getting weaker and weaker. The shorts are currently back to around 1915. If it fails again here, it will continue to fall.
From the perspective of indicators, the MACD indicator fast and slow lines DIFF and DEA in the 30-minute cycle are golden crosses below the 0 axis. Bulls have a need to rebound because they are currently at the transition point of long and short changes.
On Friday, gold prices briefly challenged the bearish 50-day moving average of $1,929 per ounce, but failed to overcome that level as gold sellers reappeared. The 14-day relative strength index (RSI) also returned to negative territory, below the 50 level, indicating that the case for lower gold prices remains more convincing.
In terms of technical graphics, overall gold prices are still limited below the key resistance level of $1,926 per ounce, which is the convergence point of the 21-day moving average and the 200-day moving average. The short-term support level for gold prices is at last week's low of $1,914/ounce. If it falls below this level, it will reopen space for gold prices to fall towards the $1,908/ounce mark.
From a technical point of view, international gold closed a small positive column on the daily line yesterday, the Bollinger Bands are about to open, the KDJ indicator formed a dead cross, the red energy column of the MACD indicator shrank, the general trend was weak, and the midline fell in stages.
In the 4-hour chart, the Bollinger Bands are shrinking, and the price is about to choose a new direction. The KDJ indicator is about to form a golden cross. Yesterday, the price of gold was under pressure and fell below the middle track of the Bollinger Bands as expected.
Judging from the trend of the 1H cycle, gold fell to around 1901.0 and the MACD indicator issued a divergence signal, and then rose sharply, which means that the previous downward trend has ended.
The current downward trend of gold can be seen as a callback in the bullish trend. In terms of operation, refer to the support to look for long order opportunities. Judging from the indicators, the MACD indicator DIFF line and the DEA line cross downwards, but the green ability column gradually shortens, indicating that the strength of the shorts has weakened.
Based on the above analysis, gold is bullish in terms of shape, the downward strength of the MACD indicator has weakened, and gold is likely to stabilize near 1909.
In the hourly chart, the Bollinger Bands are wide open, and the KDJ indicator forms a golden cross. In the short term, we will first focus on the rebound correction. Today, the gold price will focus on the 1900 line for support below and the 1930 line for pressure above.
Gold operation advice
It is recommended to go long after stepping back to 1910, stop loss 1905, target 1925-1930; when gold rises, go short when it reaches 1930-1932, stop loss 1938, target 1920-1918
(The information is for reference only, not as a basis for investment, please bear at your own risk)