The rebound is an opportunity to short gold

After the ceasefire agreement between Iran and Israel and Powell's hawkish remarks that strongly refuted the possibility of a rate cut, gold fell sharply and hit a low near 3295. Although gold has rebounded, it is particularly difficult during the rebound process, which shows that the bulls are not willing to attack, and the rebound is only a technical repair of the decline.

Since gold fell below 3300 yesterday, the current bull structure has been changed in stages and the confidence of the bulls has been greatly weakened. As gold falls, it will be under pressure in the 3345-3355 area in the short term. Before gold breaks through this area, any rebound may give us an opportunity to short gold; in addition, after gold falls below 3300 once, in order to move downward and test support, gold has the need to retreat again.

So in the next short-term trading, we can try to use the 3345-3355 area as resistance, short gold appropriately, and look to the 3315-3305 area.

Steffen_Schade

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