6.24 Chen Jie Afternoon Analysis
The Asian session is showing a weak downward trend with some volatility. The morning opened at 4113, and then the bulls briefly pushed it up to the intraday high of 4115, but faced strong resistance overhead, causing the price to quickly reverse and slide down, hitting a low of 4050. Currently, it's weakly oscillating at these lower levels. The rising expectations of a Fed rate hike are strengthening the dollar, while a temporary easing of geopolitical tensions is leading to outflows from safe-haven assets. Bullish momentum in gold is clearly waning.
After breaking the key support at 4114, the bears have picked up volume and accelerated downward testing, creating a clear breakdown pattern. The current candlestick is running along the lower Bollinger Band, with the moving average system showing a bearish arrangement. The indicators are in a death cross extending downwards, and RSI is at the edge of the oversold zone but there are no clear reversal signals yet. The intraday high and low movement confirms the strong resistance in the 4113-4115 zone, and the overall trend remains absolutely dominated by the bears.
Trading Strategy
Short on a rebound to the 4090-4110 area, targeting 4060-4030-4000
#xau
The Asian session is showing a weak downward trend with some volatility. The morning opened at 4113, and then the bulls briefly pushed it up to the intraday high of 4115, but faced strong resistance overhead, causing the price to quickly reverse and slide down, hitting a low of 4050. Currently, it's weakly oscillating at these lower levels. The rising expectations of a Fed rate hike are strengthening the dollar, while a temporary easing of geopolitical tensions is leading to outflows from safe-haven assets. Bullish momentum in gold is clearly waning.
After breaking the key support at 4114, the bears have picked up volume and accelerated downward testing, creating a clear breakdown pattern. The current candlestick is running along the lower Bollinger Band, with the moving average system showing a bearish arrangement. The indicators are in a death cross extending downwards, and RSI is at the edge of the oversold zone but there are no clear reversal signals yet. The intraday high and low movement confirms the strong resistance in the 4113-4115 zone, and the overall trend remains absolutely dominated by the bears.
Trading Strategy
Short on a rebound to the 4090-4110 area, targeting 4060-4030-4000
#xau