Mu Yao: Gold Price Outlook, Range Fluctuation Slightly Bearish, Key Support and Resistance Levels Sorted

Currently, gold has entered a "three-in, two-out" oscillating downward channel, mainly consolidating within the 4750-4630 range. The daily chart is supported by the 26-day moving average, and has not effectively broken below it to accelerate the decline; the four-hour chart is trending downward along the edge, often accompanied by quick rebounds during the decline. The overall trend remains bearish, with strategies focusing on shorting high and buying low as a supplement.

Key resistance above is 4716, with support below at 4673, 4655, and 4630. Only if it breaks below 4630 might it test 4580-4570; if it breaks above 4750, the downtrend may end.

Trading suggestion: Short in the 4716-4720 area, with a stop loss at 4732, targeting 4700, 4650, and 4630. When first reaching 4627-4630, consider a small long position with a stop loss at 4624, targeting 4650-4655, and exit at breakeven.

Reminder:
The above analysis is Mu Yao's personal view. Markets are ever-changing, and the content is for reference only and does not constitute any investment advice!