Gold Weekly Outlook: Sharp Drop Reaches Low-Level Consolidation, Support and Resistance Strengthen or Weaken

This week, gold experienced a strong rebound, with continuous declines from high levels, touching a low of 4511, and ending with a low consolidation at the close, finishing at 4538. The weekly chart closed with a large bearish candle, signaling the end of the previous bullish trend, with market sentiment fully turning bearish, entering a short-term low-position trading phase.

News Highlights

The main reason for this round of decline is the cooling of expectations for Federal Reserve rate cuts, with the US dollar continuing to strengthen, directly suppressing gold prices.
At the same time, the US stock market's pullback did not trigger safe-haven buying in gold, and tightening liquidity expectations increased selling pressure, creating a strongly bearish atmosphere overall.

Technical Analysis

The 4-hour Bollinger Bands are opening downward, with moving averages in a bearish alignment, indicating a clear overall weak trend.
Currently, the price is slightly recovering from oversold conditions, but the rebound is very weak, with no reversal signals, only a technical correction.

Next week's core range:
Support at 4510, resistance at 4600

Trading Strategy

1. Rebound resistance at 4550–4600, go short with the trend, target 4500–4450

2. Support at 4500–4530 for stabilization and stopping the decline, lightly go long, target 4600–4650