Gold Consolidates Near 4,036 After Double-Top Selloff; Bearish Bias Persists Amid U.S. Holiday
Hello everyone! Today i want to share some macro analysis with you!
New York Market: After facing resistance following the formation of a double top near 4,150, the gold price plummeted, bottoming out in the 4,013–4,025 range before stabilizing. The price is currently trading around 4,036, consolidating at low levels following the sharp decline. Although it briefly reached 4,068, it has yet to break out decisively! In the short term, the bearish trend remains in control.
It is currently the early session of the U.S. market. If U.S. Treasury yields remain elevated, gold prices are likely to break below 4,023 and test the 3,970–3,980 range; conversely, if prices unexpectedly hold above 4,075, it will trigger short covering. For trading, maintain a sell-biased strategy in the short term!
Due to today’s U.S. holiday, no economic data is scheduled for release, and gold is expected to remain in a narrow trading range! $XAU/USD(XAUUSD.FOREX)$$Gold - main 2612(GCmain)$
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