Gold's Short-term Bearish Momentum has Strengthened
Hello everyone! Today i want to share some macro analysis with you!
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Technical Analysis: Gold's short-term bearish momentum has strengthened. The MACD indicator has entered below the zero line, indicating a bearish short-term market sentiment, while the RSI indicator continues to decline, suggesting weakening bullish buying pressure. Gold has successfully broken below 4500 and is currently undergoing a technical rebound. The key resistance level for the day is at $4565-70. Further declines are expected today, so a sell-only strategy is recommended.$Gold - main 2606(GCmain)$$XAU/USD(XAUUSD.FOREX)$
Strategy: Sell: $4554-58 TP: $4515-4510 SL: $4570 (Adjust according to personal preference)
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Gold prices suddenly plunged in early Asian trading on Monday (May 18), falling by about $55. Latest news from the Middle East spurred oil prices to a two-week high, and a stronger dollar further pressured gold prices.
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