Mu Yao: High-level bullish momentum is weak and exhausted; U.S. evening gold has entered a pullback channel

After the U.S. gold price surged and peaked at 4120.11, it quickly plunged. The upside momentum at high levels has been completely drained. The current quote is 4107.28. The stage high has formed strong overhead pressure, and the short-term outlook has already turned downward.

On the one-minute timeframe, price has fallen below the middle Bollinger Band. The indicators have turned down after leaving the overbought zone, and short-term moving averages are under full pressure. Subsequent rebounds are only opportunities to enter short positions.

In the evening, set up short orders based on the 4120-4130 range. First, watch 4100 and 4070; if the level is effectively broken, it can move down further to 4050.

Reminder:
The analysis above is Mu Yao’s personal analysis. The market changes rapidly, and the content is for reference only and does not constitute any investment advice!
$XAUT