Gold continued consolidation yesterday. After opening at 5011 in the early session, the price pulled back to 4993.9, then rallied sharply. The daily high touched 5044 before the market retreated forcefully. In the late session, the daily low reached 4973 before surging again, with the daily close settling at 5003.4.
From the daily chart perspective, a bearish candle followed the previous bullish candle, indicating the reversal strength of the prior rally was not robust. Fortunately, yesterday's bearish candle did not break the low of the preceding bullish candle. Meanwhile, the Bollinger Bands three lines are moving horizontally, and although the MACD fast and slow lines are moving downward, they have yet to break below the zero axis, providing some near-term support.
On the 4-hour level, price is maintaining weak consolidation at low levels with the Bollinger middle band gradually shifting lower. Current resistance is concentrated in the 5040–5050 zone, with support focus on the 4970–4950 zone. Although indicators have returned to mid-levels, overall price pressure is evident. The market is likely entering a narrow range oscillation pattern. Operationally, it is advisable to adopt a sideways pressure approach with priority given to short positions on rallies.
Gold Trading Strategy: On rebounds at 5020-5025, light short positions with stop loss at 5035, target 4090: light positions, strict stop loss discipline.
Disclaimer: The above content is shared personal analysis and viewpoint only and does not constitute trading advice.
Market Review:
Gold continued consolidation yesterday. After opening at 5011 in the early session, the price pulled back to 4993.9, then rallied sharply. The daily high touched 5044 before the market retreated forcefully. In the late session, the daily low reached 4973 before surging again, with the daily close settling at 5003.4.
From the daily chart perspective, a bearish candle followed the previous bullish candle, indicating the reversal strength of the prior rally was not robust. Fortunately, yesterday's bearish candle did not break the low of the preceding bullish candle. Meanwhile, the Bollinger Bands three lines are moving horizontally, and although the MACD fast and slow lines are moving downward, they have yet to break below the zero axis, providing some near-term support.
On the 4-hour level, price is maintaining weak consolidation at low levels with the Bollinger middle band gradually shifting lower. Current resistance is concentrated in the 5040–5050 zone, with support focus on the 4970–4950 zone. Although indicators have returned to mid-levels, overall price pressure is evident. The market is likely entering a narrow range oscillation pattern. Operationally, it is advisable to adopt a sideways pressure approach with priority given to short positions on rallies.
Gold Trading Strategy: On rebounds at 5020-5025, light short positions with stop loss at 5035, target 4090: light positions, strict stop loss discipline.
Disclaimer: The above content is shared personal analysis and viewpoint only and does not constitute trading advice.