GOLD: Bulls and Bears are Engaged in a Fierce Tug-of-war in the 4120–4130 Range
The market has moved away from the previous extreme one-sided surge and has entered a phase where the rebound is being held back following a wide-range consolidation and bottoming process. Bulls and bears are engaged in a fierce tug-of-war in the 4120–4130 range.
It is expected that the market will continue to consolidate within a wide range ahead of the New York session; both buy and sell positions will offer decent profits for short-term trading!
Short-Term Strategy:
Sell: 4135–38 TP: 4115–4110 SL: 4152
Buy: 4110–4112 TP: 4125 SL: 4098
2
(H4) Candlestick chart: The market has moved away from the previous extreme one-sided surge and has entered a phase where the rebound is being held back following a wide-range consolidation and bottoming process.
Current Gold Price: $4,123, down slightly by -0.14% intraday
Major Trend Pattern: Since June, gold has undergone a deep decline, bottoming out in the 3,900–4,000 range and forming a local double bottom (W-bottom) or a consolidation bottoming pattern. Current Position: Gold has recently rebounded from the minor double bottom, and the current price is in a zone of dense resistance at the high end of the rebound (4,130–4,150). Several consecutive candlesticks with upper shadows (including the current bearish candlestick) indicate that the price is facing resistance from positions accumulated during the previous downtrend.
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