6.26 Evening Gold Market Strategy

Today, international gold experienced a V-shaped rebound from a low. In early trading, the gold price retraced to the support level of 3983 and quickly bounced back, rising to around 4054, then maintaining a narrow high-level consolidation.

From the hourly chart pattern, the gold price is still running inside the downward channel. This rally is only a technical correction after short-term oversold conditions. The overall bearish downtrend has not changed. There is obvious selling pressure at the 4060 level. The bulls have attempted multiple times but failed to hold effectively. The stronger resistance above is at the 4090 line. The short-term primary support is at 4030, and the key defense level for bull and bear below is the 4000 integer level.

Evening trading should focus on shorting at highs following the trend, supplemented by light short-term long positions. Plan to layout short positions in batches in the 4052-4087 range. The downside target first looks at the 4000 level, and further down to the target of 3985.
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