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Muyao: Hawkish Tone Suppresses Gold Prices; Afternoon Rebound Only Gathering Strength for a Downward Move
The Fed minutes signaled a hawkish tone, rapidly cooling market expectations for rate cuts, while the U.S. dollar and bond yields rose simultaneously. Bearish forces were fully unleashed in early trading, with the market only showing short-term technical bounces. The overall downward trend remains unchanged.
A bearish engulfing pattern formed on the daily chart, and the 4-hour downtrend channel remains intact. The key resistance zone above is concentrated in the 4090-4100 range. Before breaking above 4120, all bounces are merely shakeouts for consolidation.
Trading strategy:
Short on bounces to 4090-4100, stop-loss set above 4125, first target 4060, second target 4030. If effectively breached, could look toward the 4000 mark.
Reminder:
The above analysis is Muyao's personal view. The market changes rapidly. This content is for reference only and does not constitute any investment advice!
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