Gold Intraday & Weekly Outlook: Bearish Bias, Sell on Rallies
Hello everyone! Today i want to share some macro analysis with you!
Technical Analysis: $XAU/USD(XAUUSD.FOREX)$$Gold - main 2612(GCmain)$
Gold prices are currently in a clear short-term downtrend and are testing the key support at the lower Bollinger Band around 4,413!
After a previous rally (peaking at 4,696.59), gold prices experienced a sharp pullback, exhibiting a clear pattern of lower highs. Currently, the one-hour chart shows a cluster of bearish candles, with bearish momentum dominating.
Intraday price action may see either an oversold rebound or consolidation at lower levels. Following a sharp short-term plunge, the deviation between the candlesticks and moving averages has become excessive; it is highly likely that prices will consolidate weakly within the 4,400–4,450 range today or pull back slightly to test resistance.
Medium-term outlook for this week: The market is expected to remain range-bound with a bearish and weak bias. Until the price firmly reclaims the 4,500 threshold—a key dividing line between strength and weakness—any rebound will be viewed as an opportunity to sell on rallies. Further testing of the 4,300–4,292 support zone cannot be ruled out.
In the European session, focus on the key resistance at 4,450–4,460; maintain a sell-biased trading strategy!
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