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A sudden change overnight! Gold prices plummeted continuously, and the future market trend has been determined
On the news front, market risk aversion has significantly cooled down, coupled with the continued cooling of Federal Reserve rate cut expectations, the resilience of the US dollar has strengthened, directly suppressing the upward momentum of gold. At the same time, favorable supply and demand for crude oil have led to divergence in commodities, further diverting gold buying funds, with long positions fleeing significantly.
From a technical perspective on the four-hour chart, gold prices strongly broke below the lower band of the Bollinger Bands, which are opening downward and diverging, fully opening a bearish trend. The KDJ indicator has entered an oversold zone, with short-term downward momentum rapidly releasing, and the market is in a unilateral bearish trend.
Suggestions:
Pull back around 4600-4620 in batches, target 4550, 4500
Disclaimer: The above analysis is for reference only and does not constitute investment advice. Operate at your own risk.