Gold experienced weak fluctuations on Wednesday, but it failed to break below 2605 to form a continuation of the bearish trend. Instead, it fluctuated slightly at a low level, contesting around the range of 2605-2624. Therefore, we will continue to focus on this range during the day. If it breaks below, it will continue to look towards the 2590 area. If it stands firm above 2624, the short-term weak pattern will be disrupted, entering a rebound correction. The area around 2640 can be seen above. However, the day did not show a weak situation but rather a strong fluctuation. Then, there is still a possibility of fluctuating back and forth in the evening.
The US dollar index continues to rebound strongly, but the pressure on gold has not increased. Continue to focus on the resistance near 103.3. Pay attention to the impact of the evening CPI trend.
Trend: The medium and long-term bullish trend remains unchanged, and the short-term fluctuations should be treated as such, with appropriate space expansion for the evening CPI.
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Structure: The C-wave downward adjustment structure has stagnated. If 2605 is not broken, it may enter a step box fluctuation again. Of course, it is also possible to end the ABC adjustment in advance and enter a new structure, focusing on the gains and losses near 2652 later.
Pattern: After the medium阴线 on the daily line, the continuation is not strong. The current position is exactly the support line of the upward channel from 2360 on the daily line. Only an effective break below here can further look at the 2590-70 area. If it holds, a rebound correction will test the 2640-50 area. On the four-hour line, there was no strong continuation after the medium阴线 broke down, but the fluctuation back and forth consumed the downward momentum. It is difficult to have a decent adjustment without breaking 2600 in the short term. At the same time, if it stands firm above 2624, the short-term adjustment may face an end.
Strength: The day tested the support near 2605 again and accompanied a strong fluctuation. So, the short-term bias is for adjustment, and the day is biased towards strong fluctuations. The US market is likely to pull back and forth around the data. Therefore, the day's fluctuation situation is biased towards a larger scale, but the space will also expand.
Important support: 2605, 2590, 2570 Important resistance: 2624, 2640, 2652
Daily idea:
If all data is bullish, rely on the defense at 2602, and go long in the 2610-3 area, looking up at 2620-24, and break through to see the 2632 line. Then consider looking for short opportunities in the 2636-42 area, with a stop loss at 2650, and look down at the 2629-25 line.After successfully establishing a foothold above 2624, look for a retest near 2620 to find a low buy opportunity, with a stop loss set at 2612, and aim for a target between 2630 and 2635.
If all data turns out to be bearish, continue to defend above 2624, and consider shorting in the range of 2616-20, with a target to break below 2608-05, and then look for a level around 2595. After that, pay attention to the low buy opportunity in the 2685-90 area.