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Gold price is in a stalemate between long and short forces

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Recently, gold has risen and fallen back, and there are signs of a certain correction after testing the 2675 support line below. However, the short-term rising stage seems to have come to an end, and an obvious double top structure has formed above the 2720 line. The current market focus is on whether gold can continue the previous upward trend.

Key technical points
Short-term support: 2670-2675
This is the area that bulls need to focus on defending at present. Once it falls below, it may trigger a further correction.
Upper resistance: 2720-2725
The suppression area of the double top needs to be effectively broken before a new round of gains can be expected.

In the short term, the long and short forces of gold prices are in a stalemate, and the market is waiting for clearer direction signals. If the subsequent price can hold 2670, the bulls still have the opportunity to try to attack and challenge the 2720-2725 resistance range. On the contrary, if the support is lost, gold may enter further adjustments, with the target looking at lower support levels.

What do you think of the subsequent trend of gold? Welcome to leave a message to discuss and like!

交易开始

Gold's downward trend paused at 2675 yesterday. After a narrow adjustment, it slowly rose. At the opening of the Asian session, it rose again to 2690.
The low point was raised twice, and it showed a slow upward structure in the short term.
Overall expectations are also within the trading plan. If the trend can be continued after the end of the Asian session, the price will reach the first TP point near 2700.