Gold will hit new lows this week

22 мая 2023 г.

On the gold side, it was still a cyclical pattern on Friday, but both cyclical patterns were present.

First, early trading Friday is down. Although the daily line is to dip the bottom of the positive line shape appeared, but still went down on Thursday.

Second, the daily line follows a cycle of three Yin and one Yang. We made this point on Friday. It is prone to cycles in volatile markets.

So in the daily rhythm, the early three Yin to Yang, then Friday to see this demand. At the same time, because Thursday was a big drop, so Friday must be the first to see the fall.

So let's look at the technical points that emerged during Friday's session.

First, it was a very weak drop on Thursday and closed with no pullback, and then a rally to the upside in the morning. Those are the four positions that we usually emphasize short. During Friday's session, it hit 618.

From this point of view, on the one hand, the strength of the rebound is too much. Second, the European market did not retreat, while the hour line even positive. So the bottom of the United States, must be the first to empty.

Second, for Hakata. According to the daily cycle rhythm, plus the European plate does not break the bottom, it can be operated. But from the overall rhythm, this bodo is not advisable. Can only be bullish, but do not go to Bo line cycle to deal with the sun.

At present, there are three points against the strong rhythm of the day ahead.

First, the previous low support level broke 1971; Second, the diurnal line is in the mode of both Yin and Yang, and the shape is weak. Third, prices have broken short - term five-day and ten-day moving averages.

So this is a complete correction, and for this week, we need to give this correction a general idea of where it is.

The last market, from 1960 to 1805, adjusted by $155. If you adjust 2080 from now, $155, that means it's somewhere around 1925, and 618 is somewhere around 1910. Adjusted for the same proportion, the risk zone would be below 1930. So this week, it's still time to watch the adjustment from above.

Of course, once you enter the 1910-20 range, you should consider the middle line to continue to be long, after all, gold bull market is not over, this position to continue as a long to layout.


Today, can follow the daily line sunyang mode, the focus is still on the European plate.

Because in the rising market on Friday, the second rise did not break the high, and the morning flat open, while running down.

This we have been giving you emphasis on the stronger form of closing, judge whether continuous, on the second day.

If in today's day can not break the high and press down on Friday's high, the probability of a pullback is very large, and the operation is to the previous high for Feng shui Ling to short, see the second pullback.

The lower intraday support is at the low early Friday, 1973. Upper resistance 1983-85, Friday and early opening double resistance.

In the short term, the probability of day participation is not very large, is expected to be a shock operation, in accordance with the daily rhythm and intraday form, the probability of suppressing the sideways is relatively high, and once the day pressure, then draw is short.

The tentative range is from 1985 to 1973.