#xauusdt
Gold kicked off the morning with a spike but then retraced, with the bears taking control again in the afternoon. The gold price dropped from a high of 4541.85 and stair-stepped down, breaking below the 4520 mark and hitting a low of 4508.64.
Currently, the price is at 4512.99, and the market is in a data vacuum at the start of the week. In the afternoon, the dollar index and U.S. Treasury yields stabilized after a decline, putting direct pressure on non-USD assets. Due to a lack of favorable catalysts for a sustained rally, some long positions from the morning were closed for profit, causing gold to give back gains from last Friday.
The stair-stepping downward channel for gold is clear, and the moving average system is showing bearish pressure. Although the candlesticks near 4508 showed a slight rebound, the momentum is weak. In the afternoon, the strategy is to short on rallies, defending the resistance zone at 4520 - 4525, and looking for a test down to 4508.
If it breaks below 4505, we could see the space open up to 4495.
Gold kicked off the morning with a spike but then retraced, with the bears taking control again in the afternoon. The gold price dropped from a high of 4541.85 and stair-stepped down, breaking below the 4520 mark and hitting a low of 4508.64.
Currently, the price is at 4512.99, and the market is in a data vacuum at the start of the week. In the afternoon, the dollar index and U.S. Treasury yields stabilized after a decline, putting direct pressure on non-USD assets. Due to a lack of favorable catalysts for a sustained rally, some long positions from the morning were closed for profit, causing gold to give back gains from last Friday.
The stair-stepping downward channel for gold is clear, and the moving average system is showing bearish pressure. Although the candlesticks near 4508 showed a slight rebound, the momentum is weak. In the afternoon, the strategy is to short on rallies, defending the resistance zone at 4520 - 4525, and looking for a test down to 4508.
If it breaks below 4505, we could see the space open up to 4495.