GOLD: The Area Around $4,362 May Mark the End of the Rally
Gold Technical Analysis: $Gold - main 2612(GCmain)$$XAU/USD(XAUUSD.FOREX)$
Currently, the 4-hour candlestick chart is showing a bearish downtrend, heading straight toward the lower Bollinger Band at $4,320.
The price pattern has formed a “head-and-shoulders top” and “M-top” structure, indicating a short-term top. Since the pullback from the mid-August high (above 4,450), the highs have continued to decline.
The current price has not only broken below the middle Bollinger Band at $4,378, but the short-term moving averages (MA5/MA10) have also formed a bearish crossover at higher levels above the price, confirming a short-term bearish trend. The area around $4,362 may mark the end of the rally!
For intraday trading, focus primarily on short positions!
Strategy: XAUUSD Sell: 4352–55 TP: 4312 SL: 4370 (Note: The Fed will release the minutes from its monetary policy meeting today)!
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- Benshine·08-19 19:04where got so easy analysis gold movement one1Report