4.17 Gold Morning Review

Gold has recently maintained a high level, and has formed a clear double-top pattern. Yesterday, it repeatedly fluctuated in the 4840-4790 range. Bullish momentum was clearly insufficient, and under sustained downward pressure it continued to trend lower. At the daily chart level, moving averages are suppressing downward pressure. The candlesticks have consecutively closed with upper wicks, and the signals of the bears reducing have become notably significant. Any rebounds are opportunities to look for shorts at higher levels.

Current key resistance above is concentrated in the 4830-4840 area. Below, the core support is looking toward the 4680 line. This is also the target level for the bears in this round. In terms of execution, follow the trend: within the day, position short orders based on the strong pressure zone, do not blindly try to catch the bottom, and a steady follow-through is enough to capture swing trading space.
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