$XAU Jin Chen Yu Jin | Bearish dominance, look below 4500

Gold plunged sharply yesterday, opening at 4620 and steadily declining, touching a low of 4500, then rebounding in the evening to the 4570-4580 range but with weak momentum. The main reasons for the sharp decline are threefold: first, signals of a ceasefire agreement from the US and Iran weakened safe-haven sentiment; second, a strengthening US dollar index suppressed gold prices; third, the loss of the key 4600 level triggered algorithmic sell-offs. The current trend shows no signs of bottoming out, and the rebound struggles to break through the 4550-4560 resistance zone, with further downward movement expected to test the 4500 level, possibly even 4450. The intraday strategy is to follow the trend and go short on rallies.
Technically, both daily and 4-hour charts show a clear bearish pattern, with moving averages aligned downward, MACD in a death cross, and no effective bottom reversal structure; the 1-hour chart early in the session shows narrow fluctuations between 4510-4540. Key intraday support and resistance levels: strong resistance at 4600 (the dividing line between bulls and bears), second resistance at 4560, first resistance at 4540; first support at 4500 (intraday lifeline), second support at 4470, strong support at 4400 (extreme support on the daily chart).
Today’s gold:
Gradually short on rallies between 4540-4560, targeting 4500-4470.
【Personal opinion, for academic exchange only】