Spot gold rose from a low near 3895 last night to a high of 3971, then pulled back under pressure. After dipping to 3919, it rebounded steadily. The current price is around 3945, and it has held above the 1-hour Bollinger Band middle line at 3925.
On the 1-hour chart, this rise is merely a corrective rebound following the decline. Bullish momentum faded after the rally, and the current price has just moved above the Bollinger Band upper line at 3960. The middle line at 3926 has become short-term support, while the lower line at 3893 marks this swing’s low. The MACD DIF is above the DEA, but the red histogram bars are weakening. Short-term bullish momentum remains insufficient, making a sustained rally unlikely.
Consider shorting gold around 3950–3965, targeting 3900–3880.#XAU $XAUT
On the 1-hour chart, this rise is merely a corrective rebound following the decline. Bullish momentum faded after the rally, and the current price has just moved above the Bollinger Band upper line at 3960. The middle line at 3926 has become short-term support, while the lower line at 3893 marks this swing’s low. The MACD DIF is above the DEA, but the red histogram bars are weakening. Short-term bullish momentum remains insufficient, making a sustained rally unlikely.
Consider shorting gold around 3950–3965, targeting 3900–3880.#XAU $XAUT
