First support level: 4421, second support level: 4400, third support level: 4378
Gold continues its broad consolidation trend. The daily chart shows frequent ups and downs, with the 10-day and 7-day moving averages opening lower. Moving average resistance has fallen to around 4493/4480. The RSI remains below the 50 level. On the short-term 4-hour chart, the MACD is showing decreasing downward momentum, the RSI is below the zero line, and the price is trading between the middle and lower borders of the Bollinger Bands, with the moving averages converging. The technical outlook for gold is a consolidation outlook with a bearish bias.
Recent news has been dominated by negative fundamentals. To determine the next market direction, we must wait for non-farm payrolls data to provide new guidance.
My recommendations:
BUY: 4410-4420, SL: 4390, TP: 4470-4490;
Sell: 4480-4490, CE: 4510, TP: 4430-4400;
