At the opening of the Asian session on Monday, gold immediately saw a catch-up decline. The range-bound consolidation that had persisted throughout last week was decisively broken by the first wave of selling after the open, with no meaningful bullish resistance along the way. Prices quickly fell from the 4000 level to around 3972, then made a narrow correction. Gold is currently trading near 3987. The bears are firmly in control overall, and the bulls have no strength to fight back.
After breaking below the 3995-4000 range support this morning, that area has now completely turned from support into strong intraday resistance. The fact that prices did not quickly recover in a V-shaped rebound after the sharp drop shows that buying support below is extremely weak. The modest bounce around 3987 is just a normal correction within the decline, not a trend reversal. Don’t blindly buy the dip just because prices have already fallen.
Market expectations for the pace of Fed rate cuts have recently remained hawkish, while elevated US Treasury yields continue to weigh on precious metals. With no fresh safe-haven catalyst emerging over the weekend, bulls rushed to exit after the open, triggering a catch-up decline. The short-term bearish trend is unlikely to reverse quickly. The intraday approach is clear: sell into rallies; don’t try to call a bottom or chase the decline.
Recommendation: For short positions, consider a small position in the 3995-4000 area on a rebound, with a stop-loss above 4006. The first target is the morning low of 3972; if that level breaks, look for a further move down toward 3955!
#美国下周将公布Q3GDP和9月PCE #股票财报季 $BTC
After breaking below the 3995-4000 range support this morning, that area has now completely turned from support into strong intraday resistance. The fact that prices did not quickly recover in a V-shaped rebound after the sharp drop shows that buying support below is extremely weak. The modest bounce around 3987 is just a normal correction within the decline, not a trend reversal. Don’t blindly buy the dip just because prices have already fallen.
Market expectations for the pace of Fed rate cuts have recently remained hawkish, while elevated US Treasury yields continue to weigh on precious metals. With no fresh safe-haven catalyst emerging over the weekend, bulls rushed to exit after the open, triggering a catch-up decline. The short-term bearish trend is unlikely to reverse quickly. The intraday approach is clear: sell into rallies; don’t try to call a bottom or chase the decline.
Recommendation: For short positions, consider a small position in the 3995-4000 area on a rebound, with a stop-loss above 4006. The first target is the morning low of 3972; if that level breaks, look for a further move down toward 3955!
#美国下周将公布Q3GDP和9月PCE #股票财报季 $BTC