Gold Evening Session on 8/3:
The gold price has pulled back from the 4120 peak and is currently trading below all short-term moving averages, with a complete bearish structure on the hourly chart.
MACD is below the zero line; the green bars are shrinking slightly, indicating that downward momentum has slowed. However, there has not been a reversal golden cross. This is considered a weak bearish consolidation.
Near-term overhead resistance is 4054-4060, while the key support is 4020.94. The market is likely to range while facing pressure; a rebound-to-sell approach for higher shorts is more prudent.
Trading Plan:
Sell from 4060-4052, targets 4015-3980, with a stop-loss at 4065.
(For reference only—trade according to live conditions!)
The gold price has pulled back from the 4120 peak and is currently trading below all short-term moving averages, with a complete bearish structure on the hourly chart.
MACD is below the zero line; the green bars are shrinking slightly, indicating that downward momentum has slowed. However, there has not been a reversal golden cross. This is considered a weak bearish consolidation.
Near-term overhead resistance is 4054-4060, while the key support is 4020.94. The market is likely to range while facing pressure; a rebound-to-sell approach for higher shorts is more prudent.
Trading Plan:
Sell from 4060-4052, targets 4015-3980, with a stop-loss at 4065.
(For reference only—trade according to live conditions!)