4.24 Gold Morning Review

After yesterday’s gold rose and then met resistance, it began to consolidate and move lower. The price faced pressure and formed a top around the 4753 level, then continued to fall back. In the evening, it quickly plunged to a low of 4664. In the closing session, the price repeatedly traded sideways around the 4700 level, while the bulls’ rebound momentum weakened significantly, clearly revealing an overall weak market structure.

On the fundamental side, changes in geopolitical conditions combined with the fluctuations of the US Dollar Index continued to drive gold’s gains and losses. At the same time, market trading sentiment has turned more cautious. In addition, the technical side itself still needs a pullback and corrective repair, making the short-term downside pressure on gold very evident.

In terms of technical structure, the current gold price is trading between the Bollinger Bands’ middle band and lower band. The upper band and middle band are both turning downward in sync, indicating that short-term bears have fully taken control of the market’s pace.
On the downside, the key focus is support at the Bollinger lower band around 4675. On the upside, the middle band at 4704 has become the first short-term resistance. The market has repeatedly bounced but failed to effectively hold above the middle band, confirming that a weak trend has already been established.

Support and resistance zones remain unchanged. For trading ideas, refer to:

• Build long positions in batches in the 4670-4650 pullback range. For targets, look at 4700-4750; after a strong breakout, then follow through to look for additional upside extension space;

• If the rebound around 4750 fails to stabilize and faces pressure, you may short following the trend. Look for profits from the pullback in the 4730-4700 range.$BTC $ETH #以太坊Meme季卷土重来