In early Asian trading, prices rebounded slightly to around 4866 before falling steadily. The Asian session opened lower and continued to decline, with the rebound proving weak. The European session saw an accelerated decline, and the US session continued the weakness as prices searched for a bottom, reaching a low of around 4502. Currently, prices are consolidating around 4600.
The market experienced a sharp decline throughout the day, fluctuating after hitting a low point, with short-selling momentum being released in a concentrated manner, and the market gradually entering a low-level consolidation phase. Currently, the price has successively broken through the three key levels of 4800, 4700, and 4600, and the moving average system is in a bearish alignment, indicating that the downward channel has been fully opened.
Currently, the 4650-4700 level will form strong resistance. After a series of rebounds and corrections, it may continue to decline, while 4500 is an important support level in the short term. Currently, the Bollinger Bands are widening downwards, and gold prices are moving weakly along the lower band, indicating an overall weak and volatile trend. Any rebounds present opportunities to short.
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