10.2 Jinhai Gold Midnight Review: Gold price surges up then meets resistance and falls sharply— the oversold rebound rally is over!
During the day, gold first moved in a choppy upward trend. In the evening, it surged to a stage high of 4226.04, after which heavy selling pressure was released in a concentrated manner. The price then dropped sharply by nearly 100 points in the short term, breaking through multiple support levels one after another. The low touched 4133.44, and it is now reported at 4142.66, undergoing low-range consolidation.
Earlier, the rally that followed the oversold rebound was declared over, and the chart has returned to a bearish, downside-dominated structure.
On the news front, expectations for Federal Reserve rate cuts continue to cool, with expectations that high interest rates will stay higher for longer strengthening. The US dollar and US Treasury yields have rebounded strongly, once again weighing on gold prices. At the same time, long positions’ profit-taking has gathered and been realized, while bearish funds have re-entered—together driving violent price fluctuations.
From a technical perspective, a short-term spike then pullback produced a high-to-low move with a long bearish candle on expanded volume. The price fell from the upper band of the Bollinger Bands, breaking below the lower band. Short-term moving averages have turned down and formed a bearish alignment. The main resistance overhead lies in the 4155–4160 zone, while key support below is in the 4130–4135 zone.
Trading reference: consider taking short positions in batches on rebounds in the 4150–4170 range, targeting 4120 and 4090.
#黄金 $BTC $ETH
During the day, gold first moved in a choppy upward trend. In the evening, it surged to a stage high of 4226.04, after which heavy selling pressure was released in a concentrated manner. The price then dropped sharply by nearly 100 points in the short term, breaking through multiple support levels one after another. The low touched 4133.44, and it is now reported at 4142.66, undergoing low-range consolidation.
Earlier, the rally that followed the oversold rebound was declared over, and the chart has returned to a bearish, downside-dominated structure.
On the news front, expectations for Federal Reserve rate cuts continue to cool, with expectations that high interest rates will stay higher for longer strengthening. The US dollar and US Treasury yields have rebounded strongly, once again weighing on gold prices. At the same time, long positions’ profit-taking has gathered and been realized, while bearish funds have re-entered—together driving violent price fluctuations.
From a technical perspective, a short-term spike then pullback produced a high-to-low move with a long bearish candle on expanded volume. The price fell from the upper band of the Bollinger Bands, breaking below the lower band. Short-term moving averages have turned down and formed a bearish alignment. The main resistance overhead lies in the 4155–4160 zone, while key support below is in the 4130–4135 zone.
Trading reference: consider taking short positions in batches on rebounds in the 4150–4170 range, targeting 4120 and 4090.
#黄金 $BTC $ETH
