Zong Xiaoli: Gold prices surged and then retreated again. What is happening in the market?

Yesterday’s market trend, I believe everyone has seen, gold surged rapidly in the morning session, the momentum was strong and fierce, giving a sense of strength, which led many to think that gold would rise again, prompting immediate purchases; but interestingly, as we entered the European and American sessions, the gold price began to gradually retreat, completely losing the positivity of the morning session, leaving many feeling helpless. Many people cannot understand why gold is so weak, what is the reason behind this?

In fact, the reason is very simple, that is, no one is willing to take the challenge, no one is willing to continue buying gold, which prevents the gold price from rising, and instead, many are continuously leaving the market, causing the gold price to keep falling, resulting in a strange trend of a sharp rise followed by a slow decline… This situation persisted until noon today, when the market finally couldn’t hold back, and a larger force suddenly withdrew, causing the gold price to plummet, which startled many.

From this movement, it can be seen that the market is increasingly losing confidence in gold’s rise, while more and more people are finding ways to exit, which is obviously unfavorable for gold, so the continuous decline in gold prices is understandable.

So what will happen to gold next? According to the analysis, it cannot be ruled out that the market will continue to show a slow decline until a reasonable support level is found, and only then will the decline in gold prices temporarily come to a halt. Therefore, everyone should carefully observe during tonight’s session, to what level the gold price will fall? What price can become effective support? If support appears, then it’s time to consider a short-term buy, but remember not to be greedy, just take a small bite, and be cautious in all matters~