Morning Gold Analysis 4.9: Bearish Sentiment Persists, Weakness Continues

Yesterday, gold maintained a volatile downward trend, rising to around 4857 in the early session before encountering resistance and pulling back. It then tested support levels multiple times, ultimately stabilizing near the 4700 mark and stopping the decline. Throughout the day, gold prices moved along the lower band of the Bollinger Bands, which was opening downward. The moving averages were arranged in a bearish configuration, clearly indicating a weak overall trend. The slight rebound at the end of the session was limited and failed to reverse the downward momentum.

The market's bullish sentiment regarding Middle East geopolitical developments has largely been absorbed. Coupled with a strengthening dollar and persistent hawkish statements from the Federal Reserve, expectations for rate cuts have been further delayed. As a result, gold bulls lack the momentum to push higher, and bearish sentiment continues to dominate the market.

In the short term, the market remains weak, with prices staying close to the lower band. The 4733 midline provides strong resistance, while key resistance levels are at 4768-4778. Support levels are around 4678-4700. The trading strategy favors short positions on rebounds.

Strategy reference: Consider short positions near 4750 on a rebound; if the rebound exceeds expectations, look to short around 4780 with targets at 4700, 4650, and 4600. $BTC $XAUT