GOLD: The Perfect Bearish Alignment Has Formed
$SPDR S&P 500 ETF Trust(SPY)$$Gold - main 2612(GCmain)$$XAU/USD(XAUUSD.FOREX)$
The current gold price is in a technical pattern characterized by a rebound from a bottom and wide-range volatility.
On the H4 chart, the moving averages have formed a very standard and perfect bearish alignment.
Even if gold prices rebound, the upside will be extremely limited, as the resistance zone at $4,345–$4,350 will act as an insurmountable barrier.
A break below yesterday’s low of $4,311 will trigger a technical sell-off, with downside potential extending directly to $4,250 or even near $4,200.
For today, firmly execute “sell on rallies” and “chase shorts on breakouts”; under no circumstances should you blindly try to catch the bottom by going long.
Strategy: Sell: 4,345–4,348 TP: 4,318–4,315 SL: Above 4,360
Disclaimer: Investing carries risk. This is not financial advice. The above content should not be regarded as an offer, recommendation, or solicitation on acquiring or disposing of any financial products, any associated discussions, comments, or posts by author or other users should not be considered as such either. It is solely for general information purpose only, which does not consider your own investment objectives, financial situations or needs. TTM assumes no responsibility or warranty for the accuracy and completeness of the information, investors should do their own research and may seek professional advice before investing.
