Rate Cut Expectations Delayed, Market Selling Pressure Persists, Gold Enters Oscillating Downtrend

Spot gold price volatility intensified significantly yesterday: the morning session saw narrow-range consolidation, followed by a sharp decline in the afternoon, with international gold price reaching a low of $4,502, representing a daily decline exceeding 3%; domestic gold declined proportionally with a drop approaching 5%. After the sharp fall, gold price did not continue lower but gradually stabilized and recovered, with minor rebounds overnight and in early morning trading today, overall showing a pattern of sharp decline followed by recovery.

From the 1-hour Bollinger Bands and K-line structure perspective, gold experienced a previous one-way downtrend, touching a low of 4502.57 followed by minor recovery, currently oscillating around 4652 with relatively weak rebound strength. The upper band continues to move downward, the middle band at 4667.62 forms obvious resistance, the lower band narrows slightly, overall maintaining a downward-opening bearish structure with price continuously pressured below the middle band, making it difficult for rebounds to break through key resistance levels.

After the sharp decline, only small positive candles and doji stars are oscillating for consolidation with no clear stabilization positive candle or effective breakout signal appearing; rebound highs are gradually declining, representing a typical downtrend continuation pattern with the bearish outlook remaining unchanged. The middle band at 4667 and previous platform at 4850 above form a strong resistance zone with larger difficulty in breakthrough; the 4500 round number below serves as near-term key support; if lost again, further downside room may open up.

Trading Strategy: Primarily focusing on shorting rallies

Layer in short positions at the 4690-4700 zone on rebounds, with targets sequentially at 4620-4600-4540-4500-4400. $BTC $ETH #Gate13周年全球庆典