Gold prices surged yesterday before experiencing a sustained retreat, with the U.S. session showing notably weak rebound momentum. Ultimately failing to recover lost ground, the short-term bullish strength has waned, turning bearish. Further downward exploration appears likely. Analyst Weng Fuhao recommends initiating short positions at 3350-3355 during the morning session.
Technically, the 30-minute chart has formed a double-top pattern. Though prices found support twice at 3353 during yesterday's daytime session, evening trading saw a significant volume breakdown below this critical level without recovery, signaling substantially weakened bullish momentum. The 30-minute moving averages have now turned downward; should a death cross pattern form subsequently, bearish momentum could accelerate.
Should this morning's rebound face resistance at 3353, it presents another opportunity to enter short positions. Investors should closely monitor news-driven impacts: if risk aversion intensifies and prices stabilize above 3353 support, bulls may regain strength. Conversely, a decisive break below the 3340 support would extend the downward trajectory.
**Trading Strategy** 1. Execute short positions near 3350-3355 - Stop loss: 3363 - Targets: 3340-3330
*Investment carries inherent risks; strategies should be implemented with strict risk management protocols.*
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.