Gold short-term trend analysis 8.29
Currently, the downtrend a-wave in gold has been executed perfectly. The 4-hour RSI has entered the oversold zone. Next week, gold will likely see a rebound.
The first resistance level on the rebound is around 4530, and the second is around 4605. Above 4605, there is a large amount of trapped positions, so it is highly likely that price will not break through.
If the rebound reaches this area, don’t hesitate—go short directly, because the next c-wave will be the most intense down-leg.
Currently, the downtrend a-wave in gold has been executed perfectly. The 4-hour RSI has entered the oversold zone. Next week, gold will likely see a rebound.
The first resistance level on the rebound is around 4530, and the second is around 4605. Above 4605, there is a large amount of trapped positions, so it is highly likely that price will not break through.
If the rebound reaches this area, don’t hesitate—go short directly, because the next c-wave will be the most intense down-leg.
