Gold rebounds strongly?

🔸Gold Technical Analysis, December 9
🔹The upper track of the current adjustment channel of gold has gradually moved down to the 2670 line, and the lower track support has gradually moved up to the 2590 line. These two positions coincide with the 10-day moving average and the middle track of the weekly line, forming important support and pressure points. In the future, if the gold price wants to get out of the current range of fluctuations, it is necessary to focus on the effective breakthroughs of 2680 and 2590. As time goes by, this range will gradually narrow.

🔹From the 4-hour chart, gold was repeatedly under pressure on the 66-day moving average several times last week. Although it was pierced each time, it eventually fell back, indicating that the bulls lacked momentum. The price movement in the morning today showed that it was easy to rebound and pull up after stepping back to confirm the 66-day cycle moving average, suggesting that the fluctuation range at the beginning of this week may be higher than last week.

🔹From the 1-hour level, the gold hourly line has fluctuated violently recently, and the fluctuations in the Asian session are particularly active. However, price fluctuations are more likely to pierce and not continue. If the operation point is not well selected, it is easy to cause misjudgment.

🔹From the short-term perspective, the current price has broken through the upper channel and pierced last week's high. Next, we need to focus on the lower support range of 2640-2637 and the upper key resistance range of 2677-2680. If the gold price effectively breaks through and stabilizes at 2677-2680, the current oscillation pattern may end and a unilateral upward breakthrough will begin. On the contrary, if the price is always restricted to run below the trend line, the short-term trend will remain repeatedly oscillating, and the market will wait for the CPI inflation data on Wednesday this week to guide the direction.