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✅ Based on the 4-hour chart, gold formed a phase top at 3707 and has since pulled back in a consolidation.
The moving averages MA5 and MA10 have crossed downward, while MA20 near 3670 is acting as resistance.
The short- to medium-term trend shows weakening bullish momentum with bears gradually taking control. The Bollinger Bands’ midline is around 3670, and the price has broken below it, now moving near the lower band, indicating weakness. If it cannot quickly reclaim the midline, the trend is likely to remain bearish.
Currently, gold is trading in the 3640-3650 range. If this zone breaks, the price may further test the 3625-3630 support. A break below 3625-3630 would open more downside potential, with the next target around 3600.
🔴 Resistance levels: 3660-3670
🟢 Support levels: 3640-3630
✅ Trading Strategy Reference:
🔰 If the price rebounds to 3660-3670 and faces resistance, consider light short positions with targets at 3630-3625.
🔰 If the price drops to around 3625 and stabilizes, short-term long positions can be considered, targeting 3655-3660.
🔥Trading Reminder: Trading strategies are time-sensitive, and market conditions can change rapidly. Please adjust your trading plan based on real-time market conditions. If you have any questions , feel free to contact me🤝
