GOLD: Gold Prices have Entered a Consolidation Phase
$Gold - main 2606(GCmain)$$XAU/USD(XAUUSD.FOREX)$Technical Analysis: The daily chart shows that gold prices have entered a consolidation phase after reaching previous highs, currently exhibiting a weak, high-level consolidation pattern. Key resistance levels are located at $4750 and $4800, while support levels are concentrated around $4600 and $4550. In terms of momentum indicators, the MACD shows signs of a bearish crossover at high levels, and the RSI has fallen from overbought territory, indicating weakening bullish momentum.
On the H4 chart, gold's short-term trend shows a downward consolidation structure. The gap formed and failed to be quickly filled, indicating that selling pressure remains. If the price breaks below the $4600 support, it may further test the $4500 area; conversely, if it regains a foothold above $4750, it may recover the short-term decline and attempt to fill the gap. Overall, short-term price movements will continue to revolve around the interplay of interest rate expectations and geopolitical risks.
In summary, the gold market is currently at a critical juncture where multiple factors are intertwined. While geopolitical risks continue to provide some support to the market, rising oil prices and stronger US inflation data have significantly increased expectations that the Federal Reserve will maintain high interest rates, thus putting downward pressure on gold. Intraday trading should focus on sell orders!
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