Mu Yao: The oversold rebound won’t change the weakness—gold stays with buying the rebound and shorting from higher levels in the morning

In the short term, the moving averages collectively turn downward. The gold price is trading below the moving averages, and the bearish trend in the short run remains firm. After releasing pressure for four consecutive hours, it touched the 3983 low. The current rebound is only an oversold technical correction.

On the chart, the moving averages stack layer upon layer and keep exerting pressure. The bulls lack sufficient upward momentum, and every time price rises, it faces pressure and falls again. Overall, the market is weak. You can only use a small position size to play a long-for-repair trade, while the main rhythm is to short from higher levels.

Trade setups rely on resistance positioning. If the rebound occurs in the 4070–4085 range, look to short. For the intraday pullback target, first watch 4030; if it breaks, then look toward the 4000 level next.

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