Financial News
The US dollar index remains resilient, with US treasury yields fluctuating at high levels. The market continues to weigh the Federal Reserve's policy path, and delayed rate cut expectations continue to suppress gold prices. The short-term boost from geopolitical safe-haven demand is limited, and funds lean more towards a wait-and-see approach. Gold bulls have not yet received strong fundamental drivers, leading to pressure on the market.
Market Analysis (1-hour Chart)
From the 1-hour candlestick chart, gold is operating within a descending wedge channel, with both the highs and lows consistently declining, favoring bearish momentum.
Key resistance levels above are divided into two layers: the first resistance at 4238-4255, which is the lower boundary of the previous consolidation range, where prices rebounding to this level may encounter resistance and fall back; a stronger resistance lies at 4280-4304, previously a consolidation zone, only stabilizing above this range would break the current downward channel.
The current price is around 4211, with the target support below the channel looking at the 4120-4170 area, which is also a key support range at the end of the wedge, and the market is likely to test this position. The short-term rebound is considered a repair within the channel and should not be viewed as a reversal signal.
Trading Strategy
In the short term, the primary outlook is for a pressured decline, with a potential attempt to short when rebounding to the resistance zone of 4238-4255, placing a stop above 4260, with the target aimed at 4170, further looking towards 4120.
If the price directly breaks above 4280, the downward channel would be invalidated, and the outlook would shift to a volatile bullish bias, requiring a readjustment of the strategy.
Risk Warning: The market carries the risk of sudden data volatility, and technical analysis is for reference only and does not constitute investment advice.
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