Mu Yao: High-level longs take profit, pullback; gold trades weakly in the afternoon with rangebound consolidation and repairs

After gold prices surged to 4202 and completed long profit-taking, they continued to fluctuate and fall, with the highs gradually moving lower. This is a deep pullback and repair following the rise. Short-term moving averages form a death cross and act as resistance; gold is trading below the moving averages, and short-term bears hold the advantage.

Four-hour consecutive red candles show a pullback; bearish momentum continues to release. Near a low-level key support area, downside room narrows, and there is a technical rebound demand.

Trading suggestion: Go short on a rebound at 4075-4090, with targets at 4040-4010.

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