9.23 Chenyu Gold Early Report: High point stair-step moves down, gold price rebound meets resistance
After the gold price dipped overnight, it rebounded, running a short-term technical correction. But overall, it remains trapped in range-bound consolidation and has not broken out.
On a daily timeframe, whenever the rebound pushes up to the high zone, it gets pushed back. The high-point stair-step has been shifting lower step by step, and the weak-consolidation structure is unchanged. Price is still hovering below the short-term moving averages; each time it attempts a rebound, it runs into a wall in front of the moving averages. Below, support still needs to go through multiple rounds of tests, and the confirmation signal for a stop-and-reverse is still absent.
Key levels:
Resistance above: 4376-4400,
Support below: 4291-4246.
Plan to go short with orders positioned for resistance in the 4360—4380 zone, targets around 4350, 4330, and 4300.#BTC
After the gold price dipped overnight, it rebounded, running a short-term technical correction. But overall, it remains trapped in range-bound consolidation and has not broken out.
On a daily timeframe, whenever the rebound pushes up to the high zone, it gets pushed back. The high-point stair-step has been shifting lower step by step, and the weak-consolidation structure is unchanged. Price is still hovering below the short-term moving averages; each time it attempts a rebound, it runs into a wall in front of the moving averages. Below, support still needs to go through multiple rounds of tests, and the confirmation signal for a stop-and-reverse is still absent.
Key levels:
Resistance above: 4376-4400,
Support below: 4291-4246.
Plan to go short with orders positioned for resistance in the 4360—4380 zone, targets around 4350, 4330, and 4300.#BTC