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Gold experiences a major reversal at a high level!
The 4726 high point faces resistance and plunges, signaling a complete shift to a bearish trend!
#Gate广场五月交易分享 Gold prices surged strongly, touching the upper band of the Bollinger Bands; after reaching the high of 4726 during the day, multiple consecutive candles failed to effectively stay above the upper band, and the market quickly retreated!
Currently, the chart shows signs of a bearish reversal: upper band resistance, high-level stagnation, and weakening bullish momentum!
Repeated small-bodied candles at high levels indicate that the bullish upward momentum has significantly diminished, with the upward slope continuously slowing down, and key resistance levels firmly held: strong resistance at 4726 and 4730!
Support levels are as follows: first support at 4700 below, if broken, then look towards 4680, and further down to the 4630 range!
Short-term trading ideas for gold:
Rebound in the 4725–4740 range, gradually build short positions, with the short-term target first at 4680, and if broken, then look towards 4630!
Remember the trading discipline: build positions gradually, strictly set stop-losses, avoid holding large positions, and do not blindly hold overnight. Follow the trend, and focus only on high-probability trading opportunities!