Gold market analysis
The current short pattern of gold is obvious. It is a daily level technical retracement after a sharp rise. The room for this retracement will definitely be very large. On Friday, we arranged a bumper harvest of short orders at 2170 and 2164.
The major support of 2150 has been broken in early trading. If this position is broken, the short position will be confirmed again. At the beginning of this week, we are all bearish at high altitude, and it is expected that there will be a partial rebound in the second half of the week.
If this kind of decline continues, the weekly big top will appear, and it will be difficult to come here again later. We are trading along the trend, and it is also an opportunity to follow. Today we focus on finding short opportunities.
Looking at the analysis chart above, the breaking position of 2150 can indeed indicate that a new wave of shorts has begun, and its triangle pattern is displayed perfectly without any excessive pullback. Today we will rely on small pressure 2156 to short, or we can short directly.