Gold Market Analysis:
Gold has been volatile over the past two days. Yesterday, we were trading based on a correction strategy. I predict that gold will close with a small weekly star, but I can’t predict a major direction. In the Asian session, let’s observe the 3352-3320 range. Be cautious when buying, as the 4H price is still relatively weak. Sell at a high price as soon as possible to position for a position. Gold’s current daily fluctuations need to break through 3300 to open up further downwards. The same applies to the weekly chart. If it breaks down later, consider selling immediately. Look for selling opportunities in the 3347-3352 range during the Asian session.
Support is 3320 and 3311, resistance is 3352 and 3358, and the dividing line between strength and weakness is 3340.
Fundamental Analysis:
The recent positive developments in the Russia-Ukraine situation are weighing on gold. The Fed’s monetary policy, in line with market expectations, is also weighing on gold. Fundamentals are not very supportive for gold.
Trading Recommendation:
Gold – Sell around 3350. Target 3330-3320.
