The hourly downtrend line has been established

12. Mai 2023

The PPI performance meets expectations, and gold has shown a trend of repeated rise and fall in the short term, and it has fallen to 2012 after breaking through 2020 with high volume. The hourly downtrend line has been established, which limits the rebound space for gold. It is recommended to focus on shorting at high levels and supplementing with long positions at low levels. In the Asian session, there may be a situation of breaking through the level first and then consolidating. The volatility range is roughly between 2012-2021. The main short defense levels for intraday trading are 2030 and 2040. It is not advisable to enter long positions at the moment, and further signals are awaited. The daily trend is still within an upward channel, but attention should be paid to the closing situation of the daily Bollinger Band midline. If this level is lost, the overall volatility range next week may move down to the range of 1970-2010. Reference points: 2053-2057 are secondary resistance, 2048 is a strong resistance point for the CPI high, 2040 is a daily high resistance, 2030 is a 4-hour level resistance, 2021 is a resistance point that rebounded on Thursday and did not break through, 2008-2012 is the support of the daily Bollinger Band and the low point from last night, 1998 is the low point after last Friday's non-farm data, and 1987-1990 is the starting point of the PMI data rise last week and the support of the upward channel, which is important. 1970-1972 is a key support level for this week. In terms of operation, it is recommended to keep a light position and beware of weekend holding risks.
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