Mu Yao: The rebound is only to repair the market; gold in the afternoon remains mainly short at high levels

After gold dipped to 3983 and then rebounded slightly, it is only an oversold technical correction; the bearish trend in the larger timeframe has not reversed.

The bullish momentum in this upswing is weak. 4090 is a strong resistance level overhead, and breaking through will be extremely difficult. Near-term support is concentrated at 4028-4034. After the rebound faces pressure, the short-side market will restart.

For afternoon trading, follow the trend and go short at high levels. Plan to build positions in batches in the 4030-4040 range, keep stops above 4045. In the short term, watch 4010; if it breaks, look for the 3980 low.

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