Gold rebound momentum is exhausted, it is time to short at highsYesterday, the gold price continued to rebound but the momentum was insufficient. Gold fluctuated in a narrow range of $2905-2922 and closed at $2912, up 0.8% from the previous day. The market shows that the gold price failed to hit the key resistance zone of $2920-2930 three times. This area is superimposed with the upper track of the previous falling channel and the Fibonacci retracement level, forming a double technical barrier. The current daily MACD red column continues to shorten, and the RSI indicator hovers in the neutral area of 55, indicating that the long and short forces have entered a tug-of-war stage.
From the technical structure, $2922 is the primary pressure point of the day. To break through, it needs to stand firm at the integer level of $2925. The $2905 level below is the recent long-short watershed. If it falls below it, it will test the previous low support of $2894. It is worth noting that the holdings of the world's largest gold ETF have been net outflows for three consecutive days, reflecting the cautious attitude of institutional investors before the Fed's interest rate decision.
Gold operation suggestion: short near rebound 2916-2922, stop loss 2930, target 2905
