February 6 Gold Morning Review | Risk aversion rises again, gold retraces to key levels, don't lose rhythm in panic
In the early morning, US-Iran negotiations dragged on, tankers were seized, and Middle Eastern military buildup increased; the US continues military aid to Ukraine; non-farm payrolls delayed due to the shutdown.
These all point to one thing — rising uncertainty, risk aversion hasn't disappeared, it's just the price is releasing emotions.
From the market, the 4-hour has already retraced down to the lower track near the middle track, belonging to a deep retracement in the trend. The 1-hour and 15-minute charts have been in continuous decline, but KDJ and RSI have entered a clearly low, stagnant zone while the daily line is still running in a bullish structure; this wave is a sharp drop to wash positions, not a trend reversal.
Support: 4680–4660, 4620, 4550
Resistance: 4850, 4920, 5000, 5100
Operational Ideas
Buy in batches at 4680–4700
Place defense below 4635
Silver was directly smashed from above 90 to around 70 yesterday, and the daily level is close to the lower limit of the Bollinger Bands, in an oversold state.
Support: 70, 67.5, 64, 58-54
Resistance: 75, 80, 88
Operational Suggestions
Try light buys near 70
Defense at 67.5
The elasticity of silver will be greater than that of gold, but the rhythm will be half a beat slower.
Summary of the morning rhythm in one sentence:
Gold is washing emotions, silver is washing leverage.
The real trend is not bad; what is bad is the mentality of chasing highs and cutting lows.
$XAU
$XAG
