On the daily chart, gold prices have formed a three consecutive negative candlestick pattern, breaking below the key support levels of 4600 and 4550. The confirmation of a "double top" pattern at the peak suggests further downside potential has been unlocked. The 5-day and 10-day moving averages are arranged in a bearish formation, both trending downwards. Currently, the 5-day moving average is providing strong resistance near 4620, while the resistance from the 10-day moving average lies within the 4690-4700 range.
On the 4-hour chart, the price has been in a fluctuating downtrend since reaching a high of 4891, showing a lack of rebound momentum. The bearish trend is consistent, with prices moving within a standard descending channel. The current price is near the lower boundary of the channel, encountering strong short-term resistance around 4580. The primary support below is at 4500 US dollars, considered the last line of defense for the bulls. A decisive break below this level could lead to a test of the stronger support at 4400 US dollars.
On the 1-hour chart, the price is maintaining a narrow range oscillation between 4500 and 4600 US dollars. Rebound attempts are weak, with the smaller timeframes dominated by bearish forces, limiting any upward movement and indicating clear弱势 characteristics.
For support, the primary level is near 4540, which served as a key defensive point during the morning session's rise. Holding above this level could consolidate the stabilization and lay the groundwork for a continued rebound. The 4510-4500 area requires close attention, as it offers relatively strong support capable of withstanding short-term pullback pressure. This area marks yesterday's low point and the bottom of the previous consolidation platform. A break below this zone would signal a return to弱势, increasing the risk of another探底.
Regarding resistance, the short-term core resistance lies within the 4630-4700 US dollar range, pressured by short-term moving averages, posing the primary obstacle for any rebound attempt. The key resistance above is at the 4750-4800关口, which also represents the lower boundary of the previous consolidation range. A significant volume breakthrough is needed here to open up further rebound space; otherwise, the price is likely to enter a phase of consolidation.
If the gold price encounters resistance upon rebounding to the 4590-4610 US dollars per ounce range, one might consider decisively entering a short position. A stop-loss could be set above 4620 US dollars per ounce, with a target towards the 4550-4530 US dollars per ounce range. If the price breaks below this target, the position could be held further towards the 4510 US dollars per ounce level. Should the gold price unexpectedly break above the 4620 US dollars per ounce resistance, it would be prudent to wait for a pullback and confirmation before adjusting the strategy.
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