9.29 Man Gold Midday Review: Gold’s Oversold Technical Bounce, the Bearish Trend Remains Unchanged!
Yesterday, gold plunged to a new low at the 4110.87 level. After the bears consolidated their profits, the market saw an oversold technical rebound during the day. Prices fluctuated upward, with the intraday high reaching 4148.13. It is currently reported at 4140.22, up 0.63% for the day. At present, the market is still in a rebound and correction after a sharp drop, and has not reversed the overall trend dominated by bears.
On the 4-hour timeframe, after forming a low, price has been bouncing in a range. The MACD green histogram has gradually narrowed, indicating that near-term bearish momentum has weakened. However, the bearish structure of the moving averages over the larger cycle remains intact. The first resistance overhead lies in the 4148–4150 zone, while the key support below is around 4110–4120.
In terms of strategy, maintain the idea of selling on rebounds. When price rebounds into the 4150–4170 range, sell in batches. Targets are sequentially seen toward 4120 and the 4100 area.
#黄金 $BTC $ETH
Yesterday, gold plunged to a new low at the 4110.87 level. After the bears consolidated their profits, the market saw an oversold technical rebound during the day. Prices fluctuated upward, with the intraday high reaching 4148.13. It is currently reported at 4140.22, up 0.63% for the day. At present, the market is still in a rebound and correction after a sharp drop, and has not reversed the overall trend dominated by bears.
On the 4-hour timeframe, after forming a low, price has been bouncing in a range. The MACD green histogram has gradually narrowed, indicating that near-term bearish momentum has weakened. However, the bearish structure of the moving averages over the larger cycle remains intact. The first resistance overhead lies in the 4148–4150 zone, while the key support below is around 4110–4120.
In terms of strategy, maintain the idea of selling on rebounds. When price rebounds into the 4150–4170 range, sell in batches. Targets are sequentially seen toward 4120 and the 4100 area.
#黄金 $BTC $ETH
