Last week, the last trading week at the end of 2023, gold briefly soared to the 2088 level, then began**, and entered the 2070-2060 area**. From a technical point of view, the demand for gold prices is obvious. On the daily structure, the current daily is still in a state of bullish upward divergence, which indicates that the main structure is still bullish. After a continuous period, it makes sense that there is a certain amount of space. Therefore, we need to focus on a test of the 2057 support near the 10-day line. If today's adjustment does not break this level, then the main structural trend of ** is still strong. In short, **for the better**, and the test of support levels is the key to judging the trend.
In the technical field, the maximum drawdown of gold prices is limited to the previous trading intensive area of 2050. If the timeline is extended, the 20th** may also rise to this level. Therefore, we can consider 2050 as the maximum safe range for retracement. If the key level of 2050 is breached, the overall structure of ** may still maintain bullish expectations, but the trend will be severely affected in the short term. Conversely, if 2050 holds, then Friday's non-farm payrolls data will be more interesting, while the upside at the start of the week is expected to be limited, and we focus on pressure around 2080 for the time being. As for whether there is still the potential to be sustainable in the future, the key lies in the market's expectations for the Fed to cut interest rates and how many times this year.
According to the 1-hour chart, the market at the beginning of the week will still maintain the expectation of a range. Just getting rid of the impact of the holiday effect, the market needs to choose the best direction, and the activity needs to be improved. Therefore, there is a greater risk of uncertainty in operation. In response to this situation, it is recommended to temporarily focus on the operation strategy of ** low and high altitude in the range. However, combined with the medium and long-term expectations of the fundamentals, the overall trend is still to be high-altitude. In terms of specific operation, it is recommended to enter a short position in the 2075-2070 area, the target is to look at 2050, and the stop loss point is set at 6 points. The above ideas are for reference only, investment is risky, and you need to be cautious when entering the market.