9.2 Gold continues to weaken, and every rebound can be shorted
Yesterday’s market action continued to be dominated by the bearish momentum. Prices rebounded weakly, and after being capped by resistance around the 4461 area, they began a sustained downward move.
On the 1-hour timeframe, the upside for longs is very limited. During the session, new lows were repeatedly set. Bearish momentum continued to release, and near the close, price temporarily stopped falling around 4317. Overall, the market displayed a continuous pullback trend.
Trading suggestion: Short 4340-4360. Stop loss: above 4370. Targets: 4300-4250.
(Individual advice is for reference only; everything is subject to the live market.) #XAU $XAU
Yesterday’s market action continued to be dominated by the bearish momentum. Prices rebounded weakly, and after being capped by resistance around the 4461 area, they began a sustained downward move.
On the 1-hour timeframe, the upside for longs is very limited. During the session, new lows were repeatedly set. Bearish momentum continued to release, and near the close, price temporarily stopped falling around 4317. Overall, the market displayed a continuous pullback trend.
Trading suggestion: Short 4340-4360. Stop loss: above 4370. Targets: 4300-4250.
(Individual advice is for reference only; everything is subject to the live market.) #XAU $XAU
