April 29 Midday Gold Analysis


The current market momentum for the bulls is weak, and gold prices face resistance after rebounds, showing clear signs of a one-sided downward trend.
Most investors in the market are going against the trend, betting on volatility, ultimately repeatedly stopping out; only following the trend and shorting can be stable.
From the 4-hour chart, the core support levels are 4550-4555,
Secondary support is 4625-4630;
Short-term resistance above is 4625-4630,
Key strong resistance is 4645-4650.
Currently, the bearish structure is complete, with no signs of stabilization or reversal; operate with the mindset of shorting on rebounds at higher levels.
Trading Suggestions
Short on gold rebounds between 4635-4648, and if broken, continue to hold.
Target 4560-4535
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