Mu Yao: The rally hits resistance and meets sell pressure; gold continues its downward momentum in the afternoon

After the gold price surged to 4134 in the morning, it encountered heavy sell pressure and quickly pulled back, probing down to the 4108 level. During the midday session, the market traded in a 4110–4115 range, with the long-versus-short standoff intensifying.

This round of upside is only a partial correction within a larger downtrend; the overall bearish structure has not changed, and the downward pressure from overhead remains strong.

In terms of execution:
On pullbacks in the 4120–4130 range, consider entering in batches, with the “risk” at above 4135; the first target is 4105. If that level breaks, then look toward 4090 and 4080.

Notice:
The analysis above is Mu Yao’s personal viewpoint. The market can change rapidly; the content is for reference only and does not constitute any investment advice!
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