6.23 Qingsong Morning Gold Analysis

As market risk-off sentiment continues to cool down, and the Federal Reserve maintains a hawkish monetary policy, providing ongoing upward momentum for the U.S. dollar and U.S. Treasury yields, the overall downtrend in gold remains firmly intact. Short-term minor rebounds are unable to break the situation where sellers dominate.

From the hourly chart, the pattern of a push higher followed by a pullback is very clear. This round of gains is merely a technical correction after a deep selloff, and there are no reversal signals in the broader downtrend. During the rebound, incoming buy orders lack strength, and sell-side pressure keeps weakening, making it difficult to form a sustained one-way upward move in the near term.

Trading reference: Go short at 4180-4220, target 4120-4000