The gold cycle turned negative and fell, and the reverse pumping
In terms of gold, it went down cyclically, which is the single positive and three negative on the daily side, and then turned negative again, opening a new round of decline, and yesterday morning, we also highlighted the decline on the daily line.
This is the support area of the bulls that we calculate according to the amplitude ratio, in other words, after the price falls below 1950, a relative support level will be formed, also called the margin of safety of the bulls, because from last year's rising range, each upside and downside adjustment is the same.
So, when the price falls below the margin of safety, it means that a new long point is coming, and this is the bullish support point that we need to consider this week.
For yesterday's market, there are two technical points:
First, because Monday is a strong rise, the daily sun is big, but the overall trend is bearish, so we look at the direction in this weak market, especially bearish, that is, to suppress the intraday market below the previous day's high as a guide.
Yesterday was a typical price in the European market did not break high, and then the US market looked down, which is also one of the key technical points we highlighted yesterday.
Second, it can also be based on the European market to break the bottom, the US market first upward counter-pump, on the one hand, 5-8 o'clock weakened, the hour line presents a single yin and yang, then in this process, the US market as long as the counter-draw, the second time can be laid out.
Of course, the high is the watershed of the loss level for the bulls. Below is the 618 position 1970 line, the most important thing is that the price in the US market did not go extremely weak, but continued to fall in the early morning.
This makes today's market go in a very weak pattern, the morning retracement is extremely weak, and it is a break through the bottom of the hourly line and a big fall, so according to the current rhythm. As long as the counter-draw, it is still necessary to carry out a secondary short, the low point is 1955-57, but it is not suitable for long, the top of the small line long black candle is in 1968-69, according to the current price, if you want to rebound, you have to have a larger counter-draw.
So the degree may not be very large, the focus is still on the European market, sell 1971-70, TP: 1953-51
If the previous low is broken within the day, then the rally is still short. The rhythm of the daily line is a cycle, that is, the daily line is overcast.
Therefore, no matter how to reverse the draw, it can only be empty, and can no longer be bottomed. And considering the price of the bottom, it must be what we call the daily cycle range, after the game midline position Cardo.
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