Gold has reached a critical moment again

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Gold Spot / U.S. Dollar (OANDA:XAUUSD)

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OANDA:XAUUSD Gold Spot / U.S. Dollar

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Gold continued to fall yesterday, reaching the lowest level of 1947. On the one hand, it was caused by the retreat of risk aversion, and on the other hand, it was also related to the recent resurgence of hawkish voices from the Federal Reserve.

From a structural point of view, gold has fallen below many key supports (1968--1953) and the bulls are completely gone. Of course, this is a bit loose. If the 38.2% correction in the rising period from 1810 to 2007 is not broken here at 1933, the daily line The level still cannot be said to be a bearish trend, it can only be regarded as an adjustment. The current trend is a small-cycle negative decline in a large-cycle correction. You may have discovered that if you wait for a rebound to go short, you often cannot get a good price. You have to either chase it boldly or watch it fall.

The entire golden state today happens to be that bulls dare not enter and shorts dare not chase. In addition, the 4-hour RSI and MACD indicators are both diverging from double bottoms. I personally think that the probability of a rebound in the US market today is very high.

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