Last week, after the gold price fell back from the double top pattern, the overall trend returned to the previous adjustment range. With the horizontal adjustment of prices, the center of gravity of the rising trend line at the daily level has gradually moved up to around 2620.
After the 4-hour gold price fell back from the high, it stopped falling and rebounded near 2644 in the Asian session, and is currently in a slow correction stage. In the short term, it faces strong resistance at the 2665 line, while the short-term support of 2630 and the key support level of the trend line 2620 are concerned.
The short-term trend of gold shows the characteristics of a corrective correction, and the top pressure of the 2675 line is focused on. If the price successfully breaks through this position, gold may re-enter the strong upward stage. If it fails to break through, it may remain in the range of shocks.
Investors are advised to focus on market trends after the opening of the US market. If the gold price continues to fluctuate in a narrow range, short orders can be arranged near the resistance level of 2675-2670, with the target looking at the support level of 2630 and 2620 below. At the same time, we need to be alert to market changes after breaking through key resistance and do a good job of risk control.