Gold plunged sharply below 4220 and 4200 in a strong bearish move. The bearish trend is well established, and any rebound is merely technical correction. The price is now consolidating in a narrow range at lows, awaiting the release of CPI data later today. Overall, the market remains weak at lower levels.
Key Technical Levels
Resistance:
4220 (short-term resistance)
4250–4265 (major intraday resistance, former support turned resistance)
4280 (key bearish defense level)
Support:
4170 (intraday low and strong short-term support)
4150 (next downside target)
4135 (deep support)
Indicators: Daily chart shows bearish moving average alignment. RSI stays at low levels and MACD forms a bearish crossover. On the 4-hour chart, moving averages press downwards, maintaining a solid bearish structure.
Trading Strategy
Sell: 4220 - 4250
SL: 4270
TP: 4180 - 4170 - 4150
Key Technical Levels
Resistance:
4220 (short-term resistance)
4250–4265 (major intraday resistance, former support turned resistance)
4280 (key bearish defense level)
Support:
4170 (intraday low and strong short-term support)
4150 (next downside target)
4135 (deep support)
Indicators: Daily chart shows bearish moving average alignment. RSI stays at low levels and MACD forms a bearish crossover. On the 4-hour chart, moving averages press downwards, maintaining a solid bearish structure.
Trading Strategy
Sell: 4220 - 4250
SL: 4270
TP: 4180 - 4170 - 4150
Trade active
All short positions opened today have hit the projected levels.
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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.
Related publications
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.