From the technical perspective of gold, the weekly line recorded a small negative cross star, ending the previous three consecutive positive arrangements. The current price is between the upper track of the Bollinger Band and the short-term moving average, far away from the long-term moving average. Although the moving average system as a whole shows an upward trend, the red kinetic energy column shrinks and the upward kinetic energy of the MACD double line slows down, indicating that the price is still in the upward channel, but the upward momentum has weakened.
The daily chart shows that a small negative cross star was also recorded last Friday, and the price hovered below the short-term moving average. Although other period moving averages are still in an upward arrangement, the Bollinger Bands show signs of closing, the MACD double lines form a dead cross and probe downward, and the green kinetic energy column begins to appear, indicating that there is a need for further retracement and repair at the daily level.
On the four-hour chart, the current gold price is fluctuating in the range of 2630-2670. Although it is in a high-level oscillation area, the price is still above the moving averages, showing the resilience of the bulls. Although recent fundamental data has put some pressure on gold prices, potential geopolitical support factors still exist, and the market needs to repair technical indicators. If the geopolitical situation does not escalate further, the gold price may retreat in the short term. The lower support is first at $2,640, and the further support is in the range of $2,630-2,624. It may even fall below last week's low for a short time. However, considering that geopolitical risks may escalate at any time, the downside space and duration of the short position are limited, and it is expected that the gold price may rebound in the end.
On the whole, it is recommended that gold operations in the short term be mainly long on callbacks, supplemented by short on rebounds.
The upper short-term focus is on the 2667-2670 resistance range
The lower short-term focus is on the 2638-2640 support range
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