Gold traded sideways yesterday, repeatedly encountering resistance around the $4000 level. After a failed attempt to break through in the final wave of trading last night, it experienced a sharp drop, consistent with our bearish forecast.
The breakdown is normal; after all, a break above $3960 inevitably leads to a faster decline. Last night, it ultimately fell to around $3928, breaking the recent consolidation range. Short-term pressure suggests further downside. There is some support around $3930, but I believe this level will be difficult to hold today. Gold prices may test $3915 or even $3900.
On the 4-hour chart, upward momentum in gold is lacking. The overnight high provided resistance around $3975, while the $3962 level was the point of accelerated decline after the breakdown. Currently, bulls are under significant pressure. Unlike the previous consecutive gains, this week has been characterized by weak consolidation with an overall downward bias. The bulls currently lack strength, and the short-term trend remains bearish.
The key levels to watch are 3960-62, which was the resistance level encountered during the first round of rebound, and 3975-77, the high point of yesterday's rebound, which is also the starting point of the decline.
Today's Trading Strategy:
The 3900 area is a key defense zone for the bulls. Gold prices previously rebounded from this area, reaching a high of around $4045. Will gold prices find support again and rebound this time? I think it's unlikely. The bulls encountered strong resistance during the rebound and ultimately broke through this area, indicating that the gold price trend is weakening. We should follow the trend and focus on selling on rallies, only considering going long after gold prices break below 3900.
Aggressive traders can establish short positions around $3960-$3962; conservative traders can establish short positions in the $3970-$3975 range.
If you don't have a plan or strategy for gold trading and are struggling to achieve consistent profits, you can refer to and follow my updates for guidance and help you avoid mistakes.
The breakdown is normal; after all, a break above $3960 inevitably leads to a faster decline. Last night, it ultimately fell to around $3928, breaking the recent consolidation range. Short-term pressure suggests further downside. There is some support around $3930, but I believe this level will be difficult to hold today. Gold prices may test $3915 or even $3900.
On the 4-hour chart, upward momentum in gold is lacking. The overnight high provided resistance around $3975, while the $3962 level was the point of accelerated decline after the breakdown. Currently, bulls are under significant pressure. Unlike the previous consecutive gains, this week has been characterized by weak consolidation with an overall downward bias. The bulls currently lack strength, and the short-term trend remains bearish.
The key levels to watch are 3960-62, which was the resistance level encountered during the first round of rebound, and 3975-77, the high point of yesterday's rebound, which is also the starting point of the decline.
Today's Trading Strategy:
The 3900 area is a key defense zone for the bulls. Gold prices previously rebounded from this area, reaching a high of around $4045. Will gold prices find support again and rebound this time? I think it's unlikely. The bulls encountered strong resistance during the rebound and ultimately broke through this area, indicating that the gold price trend is weakening. We should follow the trend and focus on selling on rallies, only considering going long after gold prices break below 3900.
Aggressive traders can establish short positions around $3960-$3962; conservative traders can establish short positions in the $3970-$3975 range.
If you don't have a plan or strategy for gold trading and are struggling to achieve consistent profits, you can refer to and follow my updates for guidance and help you avoid mistakes.
Trade aktif
Short positions in gold have already been entered, awaiting a decline. Those who followed suit should pay attention to updates and closely monitor their orders.Trading ditutup: target tercapai
Although gold showed strength during the rebound, it failed to regain the 4000 mark. The price of gold eventually came under pressure and fell. The short positions bought at 3970-3975 have been successfully profitable. Congratulations to all friends who followed this signal.
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Join my telegram channel for free t.me/GoldBitcoinSharing To follow the link, click on the globe icon on the next line
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Pernyataan Penyangkalan
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.