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6.26 Gold Midday Review: Rally Meets Resistance and Pulls Back, Bearish Main Trend Persists
The morning outlook played out precisely. After gold surged to the 4036 resistance, it continued to fall. It is currently trading around 4008. The morning idea of going short at high levels was completely spot on.
Market News: Initial jobless claims data supports the Fed’s hawkish stance. PCE only brought a brief correction, the rebound lacks momentum, and the bearish trend remains unchanged.
Technical Analysis: On the 1-hour Bollinger Bands, the upper band is 4048.28, the middle band is 4012.34, and the lower band is 3976.40. The channel is pointing downward, and the KDJ is forming a dead cross and moving lower. On the 30-minute Bollinger Bands, the upper band is 4047.94, the middle band is 4020.74, and the lower band is 3993.54. Gold has broken below the middle band and is under pressure. Resistance: 4020–4036. Support: 4000 and 3993.
Coco’s Recommendation: Continue to short around the 4025–4045 rebound zone. Target 4000. If it breaks below, watch for 3990; if it breaks further below, look for below 3980. Around 3985, if it stabilizes, consider a low-position short-term long. Make sure to set stop-losses and strictly control position sizing.
Disclaimer: The analysis above is for reference only and does not constitute investment advice. The market carries risk, and you should exercise caution when entering the market.