4.6 Gold faces resistance at the 4660-4680 region. Where can short positions be targeted?

Market Review:

The international gold price opened at $4,652.28 per ounce, quickly dropping to $4,599.7 per ounce during the session, nearly breaking the key support at $4,600. After a slight consolidation, it rebounded sharply. Based on the current trend, gold is unlikely to surge significantly higher; resistance at higher levels is evident. The overall trend is likely to remain weak, continuing downward, with the specific decline depending on market sentiment changes.

From the current chart: On the daily timeframe, gold closed with a small bearish candle with a long lower shadow, indicating a continuation of the downtrend. Price is trading below the 5-day and 20-day moving averages, which are arranged in a bearish configuration. The MACD green bars have slightly contracted but remain below the zero line, indicating that bearish momentum has not fully dissipated. On the 4-hour chart, the MACD has formed a bullish crossover below the zero line, but the green bars have not significantly decreased, so the bearish force still dominates. The RSI and KDJ have slightly rebounded from oversold levels but are still below 50, indicating weak momentum after a sharp decline—this is a technical correction, not a trend reversal.

In the short term, gold faces clear resistance at the 4660–4680 region. Only a confirmed break above 4680–4700 could alleviate the weak trend. If the price falls below the 4600 level, it could open a new round of downward movement. Overall, the bearish trend remains unchanged; currently, it is only a technical rebound after a sharp decline.

Gold Trading Strategy: Short near the 4660–4670 zone on rebounds, with a stop loss at 4690, targeting 4620–4600.

Disclaimer: The above content is for personal ideas and opinions only and does not constitute trading advice.