10.23 Jinying Gold Morning Briefing: Bears Extend Their Decline and Test Lows; Sell Into Rebounds Under Resistance!
Gold extended its bearish trend overnight, falling on strong selling volume to a low of around 4021.17. In early trading, it staged a modest recovery and moved sideways near the lows. Spot gold is currently quoted at $4029.28 per ounce, up a slight 0.10% from yesterday’s close. The overall weak trend remains intact.
On the 3-hour chart, the moving averages are clearly aligned bearishly and continue to cap price action. Although the MACD green bars have narrowed slightly, bearish momentum remains dominant, limiting the scope for a short-term rebound. Near-term resistance is concentrated in the 4045–4050 range, while the key support below is around 4020. A decisive break below this level would open the door to further downside.
Trading reference: Sell in batches if the early-session rebound reaches the 4040–4060 range, with a stop-loss above 4055. Downside targets are 4020, followed by the 4000 round-number level.
#黄金 $BTC $ETH
Gold extended its bearish trend overnight, falling on strong selling volume to a low of around 4021.17. In early trading, it staged a modest recovery and moved sideways near the lows. Spot gold is currently quoted at $4029.28 per ounce, up a slight 0.10% from yesterday’s close. The overall weak trend remains intact.
On the 3-hour chart, the moving averages are clearly aligned bearishly and continue to cap price action. Although the MACD green bars have narrowed slightly, bearish momentum remains dominant, limiting the scope for a short-term rebound. Near-term resistance is concentrated in the 4045–4050 range, while the key support below is around 4020. A decisive break below this level would open the door to further downside.
Trading reference: Sell in batches if the early-session rebound reaches the 4040–4060 range, with a stop-loss above 4055. Downside targets are 4020, followed by the 4000 round-number level.
#黄金 $BTC $ETH
