11.15 Technical guidance for short-term gold operations

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From the technical chart, gold prices fell below the key support level of $2,600 on Wednesday night, which coincides with the 38.2% Fibonacci retracement line of the June-October rally. This break provides a new sell signal for the bears. The current oscillator on the daily chart remains in the negative zone, showing that the bears are still dominant. It is expected that the downward pressure on gold prices will continue, targeting the support range of $2,542-2,538. This area includes the 100-day simple moving average (SMA) and the 50% Fibonacci retracement line. Once this support is broken, the price of gold may further fall to the psychological level of $2,500.

In the short term, gold may continue to fluctuate around $2,550. If it falls below the $2,500 mark, the bears may seek deeper downside space. However, considering the current global market environment, if gold can stabilize in the $2,540-2,550 area and stop falling and rebound, it may bring some buying power. Therefore, market participants should pay close attention to the Fed's policy guidance, inflation data and global risk events, and adjust strategies in a timely manner to cope with short-term market fluctuations

Intraday short-term operations:

SELL: 2580 Defense: 87----90

Target: 2560------50

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