Muyao: Short-selling suppression continues; the Super Week decision guides what’s next

Last week, gold traded in a generally weak sideways-to-down range. At the start of the week, it gapped down at the open and continued sliding lower. On Friday, it rallied into resistance but then fell back. The weekly chart closed significantly lower, the daily chart formed a topping pattern, and the short-term trend remains bearish.

A rebound in geopolitical conflicts provides only limited support. Rate cut expectations from the Federal Reserve have cooled, and both the U.S. dollar and U.S. Treasury yields have stayed high, continuously weighing on gold prices. This week is the Super Week for markets; key focus is on Thursday’s Federal Reserve interest rate meeting and Powell’s speech.

From a technical perspective, the short-term downtrend is intact, and the rebound lacks strength. Resistance is at 4730-4740, while the key support is at 4657-4660. In terms of strategy, rebound-following higher sells are the main focus. Near lower support, you may consider a small-position long, while keeping tight control of position sizing, setting risk stop-losses, and making rational plans.

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The analysis above is Muyao’s personal view. The market can change in an instant; the content is for reference only and does not constitute any investment advice.