Gold Price Analysis: Yesterday, gold prices surged to around 4202 before retreating under pressure, closing with a bearish candlestick with an upper shadow on the daily chart, ending the previous consecutive bullish rebound. Bullish momentum has weakened in this phase. Today, after opening, prices have maintained a narrow range of fluctuation. The hourly chart shows repeated back-and-forth movements around the short-term moving average, indicating intensified competition between bulls and bears. On the 4-hour chart, the MACD histogram continues to narrow, with the price moving from the upper Bollinger Band towards the middle band. From a technical perspective, gold is currently in a narrow consolidation range. $4200 has become a difficult psychological barrier to overcome. Monday's brief breakout followed by a rapid pullback demonstrates significant selling pressure above this level. On the downside, the $4000 psychological level is a crucial support level for the bulls. A break below this level could lead to a further decline towards the lower Bollinger Band around $3948.
Looking at the short-term 4-hour chart, the Bollinger Bands are narrowing, indicating the price is about to choose a new direction. The KDJ indicator shows a bearish crossover with increasing volume, and the MACD is about to form a bearish crossover. On the hourly chart, the Bollinger Bands are widening, and the price has indeed chosen a new direction as expected. The KDJ indicator has formed a golden cross, and the MACD fast line is below the slow line with the energy bars gradually diverging, indicating a price pullback as expected. On the 4-hour chart, the candlestick pattern is under pressure from short-term moving averages, maintaining a slightly weak and volatile trend. The rebound in the previous trading day was not very strong or sustained, and after a small rebound and correction, the price continued to fall. The support zone around 4120-4100 may not hold in the short term. There is currently some divergence on the hourly chart, and after the continuous decline, we should pay attention to the short-term adjustment on the smaller timeframes. In summary, the recommended trading strategy for gold is to primarily sell on rallies and secondarily buy on dips. The key resistance level to watch in the short term is 4170-4200, while the key support level is 4120-4100. Please stay tuned for further updates.
Looking at the short-term 4-hour chart, the Bollinger Bands are narrowing, indicating the price is about to choose a new direction. The KDJ indicator shows a bearish crossover with increasing volume, and the MACD is about to form a bearish crossover. On the hourly chart, the Bollinger Bands are widening, and the price has indeed chosen a new direction as expected. The KDJ indicator has formed a golden cross, and the MACD fast line is below the slow line with the energy bars gradually diverging, indicating a price pullback as expected. On the 4-hour chart, the candlestick pattern is under pressure from short-term moving averages, maintaining a slightly weak and volatile trend. The rebound in the previous trading day was not very strong or sustained, and after a small rebound and correction, the price continued to fall. The support zone around 4120-4100 may not hold in the short term. There is currently some divergence on the hourly chart, and after the continuous decline, we should pay attention to the short-term adjustment on the smaller timeframes. In summary, the recommended trading strategy for gold is to primarily sell on rallies and secondarily buy on dips. The key resistance level to watch in the short term is 4170-4200, while the key support level is 4120-4100. Please stay tuned for further updates.
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Disclaimer
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.