[Gold Market Insights] Daily Bearish Marubozu! Gold Plunges 60 PipsāHere is Today’s Battleground
š Technical Breakdown:
Gold faced heavy rejection at $4496 on Wednesday, crashing nearly $60 to close at $4434. On the daily chart, XAU/USD is riding the lower Bollinger Band with strong bearish momentum. With the 1H and 4H charts showing a clear bearish alignment, the path of least resistance remains to the downside.
šÆ Today’s Trading Strategy (Favoring Rallies to Short, Scap Longs on Support):
ā ļø Bears’ Zone (Short on Rallies):
Entry: Build short positions on a rebound into the $4445 – $4455 area. Strict SL at $4480.
Targets: Downward toward $4400 – $4420. A clean break opens the door to $4390.
š§© Bulls’ Zone (Counter-Trend Longs):
Entry: Aggressive traders can look for light long positions upon a retest of $4425 – $4435. Strict SL at $4415.
Targets: Upside toward $4460 – $4470, with an extended target at the $4500 psychological handle.
š” ā”ļø Note: The bears are firmly in control. Keep a close eye on how price reacts to the major $4400 psychological support. Manage your risk tightly!