4.23 Gold Rebound Weak, Beware! A New Downtrend Is About to Begin

4-hour trend: Gold prices are generally trading below the short-term moving averages, with all cycle moving averages in a bearish alignment, continuously diverging downward. The Bollinger Bands are narrowing and trending downward, with prices under pressure, operating within the middle to lower band range. The MACD indicator is below the zero line in a weak zone; although the green bars have slightly decreased, indicating a minor oversold correction signal, the rebound momentum is weak, and the continuation is insufficient. The market remains in a downward channel with oscillating weakness, with each rebound facing resistance and falling back, maintaining a solid bearish structure.

1-hour trend: MA5, MA10, and MA20 are all diverging downward, with gold firmly under the moving averages, showing no signs of stabilization or reversal. The MACD remains below the zero line; the green bars have shrunk but have not formed a golden cross, indicating only a temporary easing of bearish momentum. RSI is around 25 in the oversold zone, and KDJ is declining at low levels below 20; oversold conditions have not bottomed out, and the weakness continues. Intraday rebounds cannot break through the 4760-4780 resistance zone, and gold prices will face pressure and fall back to test support levels. Watch the key support areas at 4660-4650. From a trading perspective, the short-term pattern is clearly bearish, and the overall strategy remains to sell on rebounds.

Gold trading strategy: Short at 4730-4740, stop loss at 4760, target 4690-4660

Disclaimer: The above content is for personal ideas and opinions sharing only and does not constitute trading advice.