Early trading gold failed to continue yesterday's rebound momentum. After encountering resistance at the 4484 level, gold prices quickly broke through the 4475 support/resistance line, exploring lows of 4452.93, and are now oscillating around the 4463 area. Market sentiment is clearly cautious, with large-scale transactions difficult to execute.
The logic behind this decline is actually quite clear: First, profit-taking orders emerged at the 4484 level, and the breach of 4475 directly undermined bullish confidence; Second, the non-farm payroll report hasn't been released yet, and institutions are waiting to see, with no one wanting to take a stance prematurely; Additionally, US stocks are performing strongly today, risk sentiment is rising, and the appeal of safe-haven funds naturally declines.
From a technical perspective, before the non-farm data is released, gold prices will likely be confined to the 4440-4475 range. If continuing to trade this afternoon, shorting around the 4475-4465 line is relatively prudent, with stops set above 4480 being relatively safe. The first target is 4435, and if that breaks, continue tracking down toward 4400. Most importantly, don't skimp on stop losses.
( This is only market analysis and observation, not constituting any investment advice)
Early trading gold failed to continue yesterday's rebound momentum. After encountering resistance at the 4484 level, gold prices quickly broke through the 4475 support/resistance line, exploring lows of 4452.93, and are now oscillating around the 4463 area. Market sentiment is clearly cautious, with large-scale transactions difficult to execute.
The logic behind this decline is actually quite clear: First, profit-taking orders emerged at the 4484 level, and the breach of 4475 directly undermined bullish confidence; Second, the non-farm payroll report hasn't been released yet, and institutions are waiting to see, with no one wanting to take a stance prematurely; Additionally, US stocks are performing strongly today, risk sentiment is rising, and the appeal of safe-haven funds naturally declines.
From a technical perspective, before the non-farm data is released, gold prices will likely be confined to the 4440-4475 range. If continuing to trade this afternoon, shorting around the 4475-4465 line is relatively prudent, with stops set above 4480 being relatively safe. The first target is 4435, and if that breaks, continue tracking down toward 4400. Most importantly, don't skimp on stop losses.
( This is only market analysis and observation, not constituting any investment advice)