Mu Yao: The short-term rebound lacks strength and is under pressure; gold continues to adhere to the idea of shorting from the high in the afternoon

Gold price rebounded slightly from the 3983 low and steadied around 4020, but resistance overhead at 4030-4042 is clearly capping the upside. Chasing longs carries too much risk, and the risk-reward is insufficient.

When the gold price touched the upper Bollinger Band on the 15-minute chart, there is likely demand from short-term profit-taking to exit. If the resistance zone is not broken effectively, it will most likely pull back to probe the 4000 level. Do not blindly chase higher.

In the afternoon, look for shorts around 4034-4040 at the top. Set a stop loss above 4060. Targets: first look at 4015-4000; if it breaks through, you can watch the low support at 3985-3980.

Reminder:
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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