Gold plunges by 80 points! The bearish trend is set; a rebound is just a shorting opportunity!

Gold Digger Old Cat April 13, 2026

The market never turns back because of anyone’s obsession. Only by following the trend can you find your own rhythm amid volatility.

From the chart, after a quick selloff, the gold price has now fallen below the support of the lower band of the hourly Bollinger Bands. Short-term bearish momentum has concentrated and released, with the lowest touching around 4644. The current price is consolidating and correcting around 4664. After the support of the lower band of the Bollinger Bands is effectively broken, the original support zone has turned into a resistance level above—around 4700-4701. This area is located at the lower band line of the Bollinger Bands and is a key support zone that was tested multiple times in the past. If the rebound cannot break through here afterward, the overall bearish trend will be difficult to change.

From the WR indicator, the current value has already entered the oversold zone. There is some short-term need for a rebound correction, but this rebound is more a repair for the decline and cannot directly reverse the current bearish setup. The key resistance overhead is concentrated in the 4690-4700 range. This is the starting point of the selloff earlier in the day, and also the lower band position of the Bollinger Bands. If the rebound tests here without breaking through, those are opportunities to go short in line with the trend. The support below to watch is around the low of this decline near 4644. If it falls through again, the bears will further open up downside space.

In terms of execution, the approach remains mainly based on going short. The 4690-4700 range overhead is the ideal area to short. Place protection above 4705. The target is looking toward the 4650-4640 range. The short-term rebound correction does not change the overall bearish trend. Just be patient and wait for a suitable shorting opportunity provided by the rebound.