6.30 Gold Evening Review: Bottom Support Slight Rebound, Bearish Trend Unchanged

Our midday view of bearishness was entirely correct, with gold prices smoothly falling to the low of 3943. However, the anticipated range for shorting was too low, missing the rebound high. Currently, gold prices have rebounded from lows to around 4030, which is merely a short-term correction after the decline, and the overall bearish trend remains unchanged.

On the technical side, the 1-hour Bollinger Bands show an upper band at 4053.33, a middle band at 4008.08, and a lower band at 3962.83. The Bollinger channels are opening downward as a whole, confirming a clear bearish pattern. Gold prices rebounded to just below the upper band, with clear upward resistance. On the 30-minute cycle, prices have also hit the upper band resistance, with RSI approaching overbought territory, indicating that the rebound momentum is nearly exhausted.

Short-term resistance levels: 4037, 4053; support levels: 4008, 3943.

Coco’s suggestion: Go short near 4035 and 4055 under resistance, targeting a pullback to 4010 and 3980; if prices stabilize near 3945, you can go long with a small position, strictly managing risk with stop-losses.

Disclaimer: The above is solely personal opinion and does not constitute investment advice.