6.11 Breeze Evening Gold Analysis

Gold is in a choppy and downward consolidating pattern. Its price action shows a descending flag shape, with rebound highs continuously moving lower, and there are currently no reversal signals.

Resistance is at 4100-4120 above, with key support at 4024. After a break below, expect a move lower toward 3988.

There is a lack of positive news. The dollar and real interest rates are exerting pressure, and overall conditions remain bearish.

Technically, the 4-hour chart clearly shows weakness: the moving averages and MACD both display a bearish “headed down” formation. Only a small oversold rebound remains; after the rebound, price still tends to continue falling.

Trading reference: Go short at 4100-4110, targeting 4055-4045.