2291 may be the bottom, gold continues to be bullish
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https://www.tradingview.com/x/Dnf3XGnC/
The focus of this week is the Federal Reserve's interest rate decision, and the market does not expect to raise interest rates this time. Judging from the current market trends, both gold and the US dollar have fallen into a correction stage after experiencing unilateral trends. This week's Federal Reserve decision will be an opportunity to start a new trend and break out of the range. Since gold rebounded from the 2291 line, it continued to fluctuate and rebound around the 2300 level last week, and continued to rise and fall, with the highest hitting the 2352 line. It fell back in early trading on Friday, and the lowest hit the 2320 line, while the US dollar simultaneously maintained high fluctuations in a small cycle. .
From the technical trend point of view, 2291 currently has the conditions for a phased bottom. If 2291 is the bottom of a phased adjustment, then gold will rely on 2291 to start a new upward trend. It is currently in the stage of shock bottoming. This expectation is currently established. Once it operates within this expectation, every correction in gold will be an opportunity to go long, and the Federal Reserve's interest rate meeting early Thursday morning will be an opportunity to detonate gold bulls.
Gold is currently running in the 4-hour ascending channel since the 2291 first-line rebound. We continue to pay attention to the cyclic operation in this channel. The strong support area below is concentrated in the 2320-2315 area. The pressure level above is constantly moving up and down. A strong resistance level focuses on the 2365 line, which is also the upper rail of the current shock range. If it continues to receive support in the 2320-2315 area, gold will continue to rise strongly. On the contrary, if it breaks through the pressured 2365 line again, it will start a second decline at the daily level, forming a real bottom, but the probability of breaking a new low is very small, and there is a high probability of forming a sub-low at the daily level and then starting to rise. The general direction of gold remains bullish.
Day operation plan:
2325-2320 area, defense 2310, target 2360-2365.
The focus of this week is the Federal Reserve's interest rate decision, and the market does not expect to raise interest rates this time. Judging from the current market trends, both gold and the US dollar have fallen into a correction stage after experiencing unilateral trends. This week's Federal Reserve decision will be an opportunity to start a new trend and break out of the range. Since gold rebounded from the 2291 line, it continued to fluctuate and rebound around the 2300 level last week, and continued to rise and fall, with the highest hitting the 2352 line. It fell back in early trading on Friday, and the lowest hit the 2320 line, while the US dollar simultaneously maintained high fluctuations in a small cycle. .
From the technical trend point of view, 2291 currently has the conditions for a phased bottom. If 2291 is the bottom of a phased adjustment, then gold will rely on 2291 to start a new upward trend. It is currently in the stage of shock bottoming. This expectation is currently established. Once it operates within this expectation, every correction in gold will be an opportunity to go long, and the Federal Reserve's interest rate meeting early Thursday morning will be an opportunity to detonate gold bulls.
Gold is currently running in the 4-hour ascending channel since the 2291 first-line rebound. We continue to pay attention to the cyclic operation in this channel. The strong support area below is concentrated in the 2320-2315 area. The pressure level above is constantly moving up and down. A strong resistance level focuses on the 2365 line, which is also the upper rail of the current shock range. If it continues to receive support in the 2320-2315 area, gold will continue to rise strongly. On the contrary, if it breaks through the pressured 2365 line again, it will start a second decline at the daily level, forming a real bottom, but the probability of breaking a new low is very small, and there is a high probability of forming a sub-low at the daily level and then starting to rise. The general direction of gold remains bullish.
Day operation plan:
2325-2320 area, defense 2310, target 2360-2365.
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